Chevron being overturned though has in theory, you would have to sue to find out, the idea that it qualifies under Howey. Howey was created way back before there was even a remote dream of things like the internet. Since Congress must give the power to Agencies and Departments there is a clear issue here because Congress never did. At the heart of the matter now for ANY of this is Chevron because that has thrown a hand grenade into almost all legislation since '84.

Again I am saying this is a Congressional issue legislation has to be passed because there is a huge gaping hole here.

On a minor side note with an example.... Also, it should be noted that for the first time we have transparent submitted evidence on behalf of Robinhood ( who I know you don't like why they provided all the evidence to the House Financial Services Committee) that after 2 years of trying to get registered it was SEC Chairman Genslers office who told Robinhood to stop and that "there was no path forward". This isn't productive at all and since the SEC literally regulates Robinhood since it is on the stock market shows that there is an issue. If it is so easy and these companies just have to register like you say and one tries for 2 years before being turned down then how at the same time are they accepting their (Robinhood's) own accounting and legality in general. It doesn't make any since the two things contradict each other.