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Ether tokens have a clear use-value. They don't provide holders with any passive income from profits earned by a common enterprise. I am not a lawyer, but in my
by Jabanga 9y ago
Ether tokens have a clear use-value. They don't provide holders with any passive income from profits earned by a common enterprise. I am not a lawyer, but in my opinion, the idea that they're securities is ridiculous.
This is a good analysis of how US securities laws relate to tokens:
https://www.coinbase.com/legal/securities-law-framework.pdf https://www.coinbase.com/legal/securities-law-framework.pdf
- hudon 9y agoSomething can be useful and a security, according to the SEC. They published an Investor Bulletin yesterday saying as much: "A virtual currency is a digital representation of value that can be digitally traded and functions as a medium of exchange, unit of account, or store of value. Virtual tokens or coins may represent other rights as well. Accordingly, in certain cases, the tokens or coins will be securities and may not be lawfully sold without registration with the SEC or pursuant to an exemption from registration." From: https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-initial-coin-offerings#.WXk2AVP3tsM.twitter https://www.investor.gov/additional-resources/news-alerts/al...
- Jabanga 9y agoEther does not represent any "other rights" that would put it within the definition of a security.
- decentralizedL 9y agoYeah, I also helped out with this. It's a good starting point but is by no means conclusive. Debevoise's franchise argument is wayyyy offbase and is subtle legal marketing BS imo