The US government is using rules created before computers to regulate the Fourth Industrial Revolution. They’re often antiquated and use old-economy paradigms to categorize technology that has no precedent. The regulation du jour for the SEC is the Howey Test. It is as follows: “The test of whether there is an ‘investment contract’ under the Securities Act is whether the scheme involves an investment of money in a common enterprise with profits to come solely from the efforts of others; and, ...