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Making Crypto Tokens Useful and Fair

Instead of parsing the Howey Test, founders should prioritize making tokens useful and fair, say Jake Chervinsky and Rebecca Rettig.

U.S. Securities and Exchange Commission Chair Gary Gensler has rigorously enforced the Howey Test to the detriment of much of the crypto industry, critics say. (Kevin Dietsch/Getty Images)
U.S. Securities and Exchange Commission Chair Gary Gensler has rigorously enforced the Howey Test to the detriment of much of the crypto industry, critics say. (Kevin Dietsch/Getty Images)