What the rational on stablecoins? The Howey test requires an expectation of profit which I think isn't even debatable there (also an "investment" which seems dubious, but at least debatable if you don't define an investment as also requiring an expectation of profit).

Not to suggest that I'm speaking in favor of them, due to bad security properties, I wouldn't... and not to say that they don't run afoul of non-SEC rules... I'm just not aware of the rationale that they're securities.