Update are-crypto-tokens-securities.md

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# Summary # Summary
## November 2022 update
We are adding a brief update to this piece to note the spectacular collapse of one of the world's largest crypto exchanges, FTX, in late 2022. This provides compelling further evidence that a tougher regulatory approach is and always was needed for crypto. Find out more via our [deep dive on the FTX collapse](/notes/post-ftx-collapse.md), and its tragic vindication of our analysis.
## Claim steel-manned ## Claim steel-manned
### Subclaim 1: A better, easier way to raise money for my venture ### Subclaim 1: A better, easier way to raise money for my venture
@ -29,10 +34,6 @@ The ability to raise capital outside of the rule of law is not only a good thing
## Evaluation ## Evaluation
### November 2022 update
We are adding a brief update to this piece to note the spectacular collapse of one of the world's largest crypto exchanges, FTX, in late 2022. This provides compelling further evidence that a tougher regulatory approach is and always was needed for crypto. Find out more via our [deep dive on the FTX collapse](/notes/post-ftx-collapse.md), and its tragic vindication of our analysis.
### Subclaim 1: A better, easier way to raise money for my venture ### Subclaim 1: A better, easier way to raise money for my venture
The smartphone era gives retail investors access to the public equities market with unparalleled levels of simplicity unseen in markets. Theres also a genuine interest in giving retail investors access to private equity investments. But is access to the public equities market appropriate for retail investors? The smartphone era gives retail investors access to the public equities market with unparalleled levels of simplicity unseen in markets. Theres also a genuine interest in giving retail investors access to private equity investments. But is access to the public equities market appropriate for retail investors?
@ -168,7 +169,7 @@ According to the SEC, crypto tokens meet the [Howey Test](../concepts/howey-test
### Deep dives and notes ### Deep dives and notes
* [Deep Dive: Fintech Incrementalism And Responsible Innovation ](/notes/fintech-incrementalism-and-responsible-innovation) * [Deep Dive: Fintech Incrementalism And Responsible Innovation ](/notes/fintech-incrementalism-and-responsible-innovation)
* [dDep Dive: The FTX Collapse](/notes/post-ftx-collapse.md), and its tragic vindication of our analysis. * [Deep Dive: The FTX Collapse](/notes/post-ftx-collapse.md)
* [Crypto: can these financial perpetual motion machines work?](/notes/financial-perpetual-motion-machine) * [Crypto: can these financial perpetual motion machines work?](/notes/financial-perpetual-motion-machine)
* [Notes on Dan Olson's 'Line Goes Up'](/notes/olson-2022-line-go-up) * [Notes on Dan Olson's 'Line Goes Up'](/notes/olson-2022-line-go-up)
* [Deep Dive: Market Fundamentalism](/notes/market-fundamentalism) * [Deep Dive: Market Fundamentalism](/notes/market-fundamentalism)