Todd R. Kornfeld, of counsel in the Financial Services Practice Group of Pepper Hamilton, was quoted in the January 29, 2018 Bloomberg Markets article, "Can Bitcoin Be Regulated? U.S. Courts Are About to Decide." The article was also distributed by numerous publications including Business Standard, Fortune, Investing.com, Livemint, Money and Newsmax.
"Many people quote the 'Howey test' as if it were a monolith cast in stone, but it's not," said Todd Kornfeld, a securities law specialist at Pepper Hamilton in New York. "The SEC has certainly chosen to read it a certain way, and different courts have had somewhat varying formulations."