Gensler said it’s a security if “the investing public is anticipating profits based on the efforts of a common enterprise.” The Courts already rejected that, b/c it collapses two separate Howey prongs into one and: “We do not interpret the Howey test to be so easily satisfied.” https://t.co/0K4Olp9VIb

— Stuart Alderoty (@s_alderoty) September 16, 2022