> They have only told us that they are assessing our Lend product through the prism of decades-old Supreme Court cases called Howey and Reves. [...] These two cases are from 1946 and 1990

Nobody seriously makes the argument that Howey is outdated, so why is the year being called out here? It's written to get people up in arms, and as such I wouldn't count on anything written there to represent how Grewal actually feels.

This is pure PR.

They will also have outside council, from one of the high end firms specializing in cryptocurrency regulation.

Note that there _is_ some debate within the SEC about the application of Howey (e.g. https://www.sec.gov/news/public-statement/peirce-concurrence...) but they don't seem to be making those arguments.