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Because Bitcoin and Ethereum are not stand-ins for shares in a particular entity.

• jki275 7y ago
  Eth and BTc are quite different and Eth is absolutely a security. Eth meets the Howey test. BTc arguably does not due to its manner of distribution and initiation.
  • DennisP 7y ago
    According to the SEC chairman, ETH may have been a security at first but it's not anymore. https://coincenter.org/link/sec-chairman-clayton-just-confirmed-commission-staff-analysis-that-ethereum-and-cryptos-like-it-are-not-securities https://coincenter.org/link/sec-chairman-clayton-just-confir...
    • jki275 7y ago
      Yes, the SEC has handwaved it out of being a security. That doesn’t change facts, they simply aren’t going to do anything about it.
  • loceng 7y ago
    Do we know for sure how it was distributed and initiated BT though? We don't even know who "Satoshi Nakamoto" is.
  • fastball 7y ago
    What entity are you investing in when you purchase ETH?
    • jki275 7y ago
      Vitalik Buterin and the other whales who started it.
      • DennisP 7y ago
        Development has expanded far beyond that crowd. There are eight different groups working on 2.0 clients, for example. This was part of the SEC's reasoning.