Lawyer John E Deaton says SEC admits ignoring Supreme Court.
Lawyer John E Deaton tweeted that the SEC recognized the override of the supreme court. He noted:
THE SEC ADMITS IT BLATANTLY IGNORES THE SUPREME COURT.
«The Commission, on the other hand, does not require vertical or horizontal commonality per se, nor does it view a common enterprise as a distinct element of the term investment contract».
The Supreme Court just smacked down the EPA regarding agency overreach. I have zero doubt the Supreme Court today would smack down the SEC’s gross overreach. They certainly wouldn’t allow the SEC to just ignore the common enterprise factor of Howey.