Applied is a mischaracterization of what Ethereum did. Ethereum got a legal opinion from a law firm in the United States, and simultaneously convinced the regu

Applied is a mischaracterization of what Ethereum did. Ethereum got a legal opinion from a law firm in the United States, and simultaneously convinced the regulators in the Canton of Zug, Switzerland to create a completely new term for them. State regulations in the Swiss Confederacy extend to the sovereign protection of the Switzerland brand and all of its economic treaties. Ethereum nor the Ethereum foundation applied for US securities anything. Not a Reg D offering, not Reg S, not anything. The parent question remains valid: if one did register as a security, how does the asset transition to not being a security. Sounds like we need a new Reg for transitional securities. As it stands, the SEC is still applying its broad discretion to not levy criminal and civil sanctions to unregistered transitional securities.