[simple-thoughts]

SEC just a few days ago lost most of its case against XRP where it’s strict definition of the Howey test was decided by the judge to be incorrect regarding crypto tokens. The judge did rule for the SEC regarding investment contracts concerning tokens. Most likely the SEC will lose the case against coinbase as well for similar reasons.

Just because the SEC says something doesn’t mean it’s true.

[FireBeyond]

The Howey test isn't an SEC construct, it's that of the Supreme Court.

As it is, the SEC has been implementing the Howey test as a result of that precedent.

Now, you can certainly argue that the Howey test is flawed or incomplete or... but that's separate to arguing that the SEC is misapplying the test.

[brewdad]

Just because a judge says something doesn’t make it true either. I’m sure the case will be appealed and, until a final verdict is given, nothing has been settled.