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This is what you call flat out gas lighting or clueless on how to read a legal decision. Judge Torres’ ruling never said secondary market sales are not securities. She only said what you must do: you MUST apply the Howey factors to each transaction of the asset when deciding whether there is an investment contract, transaction, or scheme. 

The correct answer, under the law, is a token sold in the secondary market, off an exchange, could be an investment contract - you don’t know until you apply the Howey factors to the circumstances surrounding the sale. Judge Torres used a second sale of the Howey Orange Groves as an example. If the second purchaser bought, not from Howey, but from the first buyer and was completely unaware of the Howey company and all that was communicated during the second sale was “do you want to by my acre of 🍊 groves” and the second buyer said yes and was planning on growing and selling the oranges himself - it is CLEARLY NOT an investment contract. 

On the other hand, if the first buyer tells the second buyer: “buy this 🍊 grove and the Howey Company will do all the work for you - all you do is sit back and collect profits doing nothing” - you might have an investment contract. 

That’s not even controversial. I’ve never seen so much fud over a simple legal ruling in my life.

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