Paul Atkins, a former SEC commissioner, drew parallels between the Howey citrus grove case and the classification of crypto tokens as securities. He explained that land in the Howey case was considered a security only through a specific contractual arrangement. Once that arrangement concluded, the land was no longer deemed a security. Atkins suggested that the same principle applies to crypto tokens, which may initially be classified as securities but could evolve beyond that status as they mature and the original contractual conditions change.
Atkins Compares Crypto Tokens to Howey Citrus Grove in Security Analysis
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