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Wasn't this already the SEC's position?
by resoluteteeth 4y ago
Wasn't this already the SEC's position?
- DebtDeflation 4y agoThe original position was that cryptocurrencies were commodities not securities, and that is what allowed all the bullshit to flourish. In July of 2017 the SEC issued a ruling that any coin issued via ICO could be considered a security on a case by case basis. Yesterday is the first time I've seen the SEC make the argument that exchange native tokens are investment contracts and therefore securities.
- ls15 4y agoExchange tokens are amongst the more obvious securities IMO. I think they tick all marks of the Howey Test: - An investment of money (Send money/BTC, get token) - In a common enterprise (the exchange) - With the expectation of profit (Token burns) - To be derived from the efforts of others (Exchange pays with profits for token burns) https://www.investopedia.com/terms/h/howey-test.asp https://www.investopedia.com/terms/h/howey-test.asp