John E Deaton stated that SEC illegally expands test of Howey

Lawyer John E Deaton stated that SEC illegally expands test of Howey.

Lawyer John E Deaton stated on twitter that SEC illegally expands test of Howey. He singled out, first of all, the argument of the SEC lawyer:

The SEC lawyer argued that even if you buy a token 100 percent intent on USING the token, but it can objectively be said that you COULD also expect a profit – it’s a security.

He further stated:

Everyone in Crypto & Congress must be made aware of the SEC’s unlawful expansion of Howey. The below argument was made by an SEC enforcement lawyer at the summary judgment argument in federal district court in NH. The Judge will be ruling within the next few months.

Also consider what the SEC is claiming about #XRP in the @Ripple case. The SEC claims that #XRP is the “embodiment” of all of @Ripple’s efforts and promises and it – the token itself – “represents the investment contract with Ripple”, including in the secondary market.