My predecessor Jay Clayton said it, and I will reiterate it: Without prejudging any one token, most crypto tokens are investment contracts under the Howey Test.
Some in the crypto industry have called for greater “guidance” with respect to crypto tokens.
For the past five years, though, the Commission has spoken with a pretty clear voice here: through the DAO Report, the Munchee Order, and dozens of Enforcement actions, all voted on by the Commission. Chairman Clayton often spoke to the applicability of the securities laws in the crypto space.
Not liking the message isn’t the same thing as not receiving it.
Source: SEC.gov | Kennedy and Crypto