As use of cryptocurrency investment has increased throughout the world, regulators have faced a bevy of novel questions, especially related to applying different strains of law to regulate novel digital assets. To date, courts have not decisively concluded whether or not cryptocurrencies – in any of their myriad forms – are definitively “investment contracts” (and therefore securities) under the meaning of the Howey test[1], or whether they are solely under other regulators’ authorities – like the Commodity Futures Trading Commission. Despite investors’ lack of clarity in enforcement and regulatory risk contexts, the ... (full story)