Thread by @JohnEDeaton1

Letter from Clayton to Congressman Ted Budd:

“Your letter also asks whether I agree with certain statements concerning digital tokens in Director Hinman's June 2018 speech.

https://twitter.com/taigxrp/status/1469821847399186437

I agree that the analysis of whether a digital asset is offered or sold as a security is not static and does not strictly inhere to the instrument. A digital asset may be offered and sold initially as a security because it meets the definition of an investment contract,

but that designation may change over time if the digital asset later is offered and sold in such a way that it will no longer meet that definition. I agree with Director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract if,

for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial efforts. Under those circumstances, the digital asset may not represent an investment contract under the Howey framework.”

It was SEC guidance!!