There are four prongs that must be met to be considered a security in the Howey Test:
A party invests money In a common enterprise With the expectation of profiting Based on the efforts of a third party
This is how Gary Gensler passes the Howey Test:
Private sector finance firms have invested money Seeking to harm the blockchain industry with lack of regulatory clarity, inane lawsuits, and allowing fraud like FTX and Luna Terra Profiting by harming and overregulating the blockchain industry and trying to make traditional finance firms the crypto custodians Based on the efforts of corrupt SEC chairman Gary Gensler
Gary Gensler is a security and has been one many years before he became SEC chairman. He helped repeal the Glass-Steagall Act, and is therefore one of the securities responsible for the 2008-2009 crash.
submitted by /u/EpicMichaelFreeman
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