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> “validated by a network of nodes on the Ethereum blockchain, which are clustered more densely in the United States than in any other country.” The SEC then co
by mattwilsonn888 4y ago
> “validated by a network of nodes on the Ethereum blockchain, which are clustered more densely in the United States than in any other country.” The SEC then concludes: “As a result, those transactions took place in the United States.”
I wonder what other legal implications this precedent has (if it holds).
I probably won't think of any before hitting send on this comment, but this seems like the type of claim sufficiently disconnected from the reality of how a blockchain network functions (though Gensler has proven competence on the subject) to allow some unintended loopholes or interpretations in other cases.
- jbverschoor 4y agoThis is also how companies like Optiver 'legally' make 'decisions' in 'other countries' (run some code to execute a transaction on a server somewhere else). If you used mechanical turk, where is the task legally completed? I guess it's just loopholes against loopholes? Gary is a smart guy. He gave some excellent lectures about all this.
- Ekaros 4y agoThe reverse of this is interesting. IF large number of validators moved out from USA servers. Would then the transactions be outside USA? And would someone track at all times where the majority or validators are? Or likely plurality?
- peterisza 4y agoI agree. They are trying to force an outdated concept. They should adapt faster.
- herbst 4y agoWhen you open an bank account anywhere in Europe you need to specifically sign that your money is not from the US or go through many extra hoops and maybe get a no. I wonder if that is also affected from this.