The United States financial regulatory landscape stands at a critical juncture. With the recent passage of key stablecoin legislation, the GENIUS Act in July 2025, and the ongoing, highly anticipated debate over comprehensive market structure bills like the CLARITY Act in early 2026, the nation is opening up to the crypto economy. This momentum, coupled with a discernible shift in administrative posture from enforcement-heavy to innovation-friendly, signals a new era for digital assets. The cornerstone of U.S. securities law, the 1946 Howey test, remains an anachronistic and ill-suited tool for the nuances of a ... (full story)