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Wire · operational-macro

SEC crypto proposal wouldn't clear up Howey ruling's uncertainty

Published

15 September 2026

Topic

operational-macro

Sectors

Fintech

Geography

United States

Source

Read at davispolk.com

Verified

Fusion42 · 15 September 2026 · Fusion42 review

The SEC's proposed Regulation Crypto Assets fails to resolve legal uncertainties stemming from the Howey test used to define securities, leaving crypto asset regulation unclear and subjective.

This Wire brief sits within Fusion42's coverage of Fintech, and 3 sources have reported it between 8 Sep 2026 and 15 Sep 2026.

◆ The Wire takeaway

Crypto founders in the US face ongoing legal uncertainty as the SEC’s approach does not fix foundational definitional errors. You need to prepare for flexible compliance strategies or risk retroactive regulatory challenges.

Coverage

3 sources · first reported 8 Sep 2026 · latest 15 Sep 2026

Related on Wire

Topics

Fintechseccryptoregulationhowey-testsecurities-law