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64 U. Louisville L. Rev. 1 (2025-2026)

handle is hein.journals/branlaj64 and id is 1 raw text is: NEITHER KING'S HORSES NOR KING'S MEN: THE PROPOSED UNIFORM ALT-CURRENCY ACT OF 2025 J Scott Colesantil CONTENTS I. INTRODUCTION: EGG ON THE FLOOR, THE WALL, AND THE FACES OF ALL ...................................................................................................2 A. THE FOLLY .................................................................................2 B. THE UNDENIABLE NEAR-DEMISE ..............................................5 C. THE ROADMAP TO THE CURE .......................................................7 II.BACKGROUND: THE SEC HOWEY PROGRAM..............................8 A. THE SPARKFROM CONGRESS....................................................8 B. THE HOWEY TEST......................................................................10 C. THE SEC HOWEY PROGRAM...................................................13 D. THE AGGRAVATED RESPONSE, INTERNALLYAND EXTERNALLY........16 III. ISSUE: THE BRUTAL TRUTHS AND CONSEQUENCES OF THE RIPPLE, TERRAFORMAND COINBASE CASES .....................................................17 A. THE RIPPLE LABS SETBACK ........................................................17 B. THE TERRAFORM RESPONSE ........................................................21 C. THE COINBASE FIASCO ...............................................................23 D. THE OUTLOOK, MOVING FORWARD .............................................29 III. PROPOSED SOLUTION: THE UNIFORM ALT-CURRENCY ACT OF 2025................................................................................................32 Professor of Legal Writing, Hofstra University Maurice A. Deane School of Law. A former securities industry regulator and arbitrator, Professor Colesanti has lectured domestically and abroad while teaching Securities Regulation to law students for 25 years. He is the author of over two dozen law review articles, and he is a frequent contributor to legal periodicals. His 2015 article, Trotting Out the White Horse: How the S.E.C. Can Handle Bitcoin's Threat to American Investors, 65 SYRACUSE L. REv. 1, as well as the more pointed Sorry, They Were on Mute: The SEC's Token Proposal 2.0 As Blueprint for Regulatory Response to Cryptocurrency, 3 CORP. & BUS. L.J. 1, in 2022, called upon federal regulators (unsuccessfully) to codify regulation of cryptocurrency. Separately, his book FAIRNESS, INC.: THE ORIGINS (AND BILLIONAIRE-DOLLAR BONUSES) OF RULE 1OB-5 AS AMERICA'S INSIDER TRADING PROHIBITION (2018) details the history of the most feared and extensively used insider trading ban in the world. 1