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Bitcoin is a security, not a commodity.
by kosasbest 5y ago
Bitcoin is a security, not a commodity.
- ls15 5y agohttps://www.investopedia.com/terms/h/howey-test.asp https://www.investopedia.com/terms/h/howey-test.asp > Why Is Bitcoin Not a Security? > In June 2018, the former Chair of the SEC, Jay Clayton, clarified that bitcoin is not a security: "Cryptocurrencies: These are replacements for sovereign currencies, replace the dollar, the euro, the yen with bitcoin. That type of currency is not a security," said Clayton. > Bitcoin, which has never sought public funds to develop its technology, does not pass the Howey Test used by the SEC to classify securities. However, by Clayton's definition, tokens used in an ICO are securities.
- davidgerard 5y agoDepends on the country. Bitcoin on an exchange is a security in Canada, because you don't have the thing, they have the thing and a liability to you for it. "Not your keys" as the regulations.