It's Wednesday, August 7th, and this is Markets Daily hosted by me, Jen Sanasi.

On this show, we navigate the currents shaping the crypto markets, providing insights against the broader financial landscape.

So whether you're actively trading or simply fascinated by the volatility of crypto markets,

this show is your compass to understanding what's happened, where we are, and where we're going.

Good morning, everyone.

Happy Wednesday.

Now, we've been talking a lot about crypto and the elections.

It's been a super hot topic here in the industry.

Many folks who have come on this show have said that this needs to be a bipartisan issue

if we expect to see any movement

on legislation here in the United States.

Now, Coinbase's chief legal officer, Paul Greywall, is getting in on the conversation.

He said in an interview at the Asia Blockchain Summit, my number one concern is that crypto becomes

politicized and becomes a partisan issue in ways

that, at the very least, slow and perhaps even worse, threaten its continued growth and

development. There needs to be an understanding that the Howey test was developed in the context

of an Orange Grove real estate in Florida in the 1940s and 50s, he said arguing that applying

the how we test blindly and mechanically to blockchains and crypto does not make practical sense.

This is sentiment that has long been expressed by many in the crypto industry, and yet SEC

Chair Gary Gensler stands by his stance that no new rules

are needed for crypto.

Today, we're going to talk all about the Howie Test, what it is, how it works, why it remains

...