Bitcoin: Look Again

Bitcoin should be reconsidered as a security under the Howey Test, given its nature as an investment contract and the collective for-profit undertaking of the Bitcoin network.

The SEC should disavow previous statements that include concepts of decentralization to justify limited regulation of digital assets, as Bitcoin and other network tokens are not decentralized.

Other network tokens, similar to Bitcoin, also pass the Howey Test and should be considered securities, requiring full and fair disclosure for investors and the public.