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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.

By Rebecca Rettig, Jake Chervinsky|Edited by Benjamin Schiller

Updated Dec 12, 2024, 3:23 p.m. Published Oct 30, 2024, 5:03 p.m.

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)