Gate News update. On March 31, in a CoinDesk article, attorneys at the U.S. law firm Gibson Dunn, including Nick Harper, said that although the joint guidance issued by the SEC and CFTC has improved, it still has not delivered the comprehensive course correction the industry needs. The article argues that the guidance has flaws in its application of the Howey test, failing to clearly state whether an “investment contract” must include explicit contractual obligations, and instead continuing to use a vague “facts and circumstances” standard for judgment. In addition, the guidance lacks clarity regarding transactions in the secondary market; it does not clarify whether it adopts the Ripple case’s determination that “blind buy-sell” transactions do not constitute an investment contract, leaving disputed whether tokens remain considered securities when they circulate in the secondary market. The author calls on the crypto industry to actively provide feedback, asking the SEC to establish clear, permanent regulatory boundaries to prevent a repeat of “enforcement in place of regulation.”
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