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> What does "never been defeated" mean, exactly?

Universal statements like this are hard to prove, and easy to disprove.

All you need to do is provide one of your many successful examples.



I need clarification on what that sentence means before I can even look for a good example! Otherwise I'll just point at something that decided to not be a security and never had enforcement. There's a million kinds of collectible that fit that category.

If it means that when the SEC invokes the rule it has never failed, then that probably just means they're going after the strongest cases. It doesn't mean you can't "evade" it.




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