[The legislation] would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.
By removing this set of investment contracts from the statutory list of securities, the bill implies what courts have repeatedly ruled - but what crypto market participants have attempted to deny - that many crypto assets are being offered and sold as securities under existing law.
The bill excludes crypto trading platforms from the definition of an exchange and eliminates historically tested frameworks such as the Howey test, which [Gensler] believes would ultimately put investors at risk.
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