Securities lawyers say the SEC may struggle to win a lawsuit over stablecoins, such as Paxos' BUSD, because owners do not expect profits, part of the Howey test (Dave Michaels/Wall Street Journal) 22-02-2023

Dave Michaels / Wall Street Journal:
Securities lawyers say the SEC may struggle to win a lawsuit over stablecoins, such as Paxos’ BUSD, because owners do not expect profits, part of the Howey test — Agency investigates whether the cryptocurrencies’ issuance violated investor-protection laws — Washington’s battle to rein in crypto has a new front: stablecoins.