The Securities and Exchange Commission $($SEC$),$ established under the Securities Exchange Act of $1934,$ is responsible for regulating securities and securities transactions. Although federal laws such as the Investment Company Act of $1940$ and the Investment Advisers Act of $1940$ give the SEC the necessary tools to regulate the securities market, the rapidly expanding market for exotic crypto securities$,$ including cryptocurrencies, falls outside the scope of existing regulations such as the Securities Act of $1933$ and the Howey test, which defines securities$.$ As a result, the SEC seeks expanded regulatory authority to address the limitations of existing laws and define these new commodities as securities$.$

How does the lack of clear regulatory guidelines for new exotic securities appearing on the stock market affect investors?

What are the potential benefits and drawbacks of expanding the SEC's regulatory authority to include all new exotic commodities $($e$.$g$.,$ cryptocurrencies$)$ appearing on the stock market and not covered by present law? And how might this authority affect market participants, such as; investors, issuers, and trading platforms?

How do you think some of the lessons learned from the $1929$ market crash may help inform Congress and the SEC to exercise ethical and legal responsibility to protect investors from new unregulated exotic commodities appearing as securities on the stock market?