2 ms·
If you read the sec document carefully enough, they singled out the DAO because it's unambiguously a security. Shares in a thingymajig blockchain blah blah cor
by vasilipupkin 9y ago
If you read the sec document carefully enough, they singled out the DAO because it's unambiguously a security. Shares in a thingymajig blockchain blah blah corp are still shares, therefore, securities. Most tokens are not shares and have uses other than profit motive, therefore, they are not securities
- hudon 9y agoMore like, if you read the SEC document carefully enough, you'll see that they applied the 4 prongs of the Howey test to theDAO token and defended each prong with arguments and evidence. They'll probably do the same thing for Ethereum (but not necessarily come to the same conclusion on each prong). Saying "it has other uses than profit" is not sufficient since you'd have to back it up with meaningful evidence (what are the actual uses that investors are getting out of it?)
- maehwasu 9y ago> Saying "it has other uses than profit" is not sufficient (does not address all 4 criteria) and you do not back it up with evidence (what are the actual uses that investors are getting out of it?) This true, but the 4 criteria are an AND, not an OR.