4 ms·

Because they don't satisfy the Howey Test, which legally defines a security. https://kurtalaw.medium.com/the-howey-test-the-supreme-court-ruling-that-defined-i

• illiarian 4y ago
  The way the absolute vast majority of this cesspool is used satisfies all the criteria.
• ericd 4y ago
  I thought the status was that BTC was considered a commodity, and basically all the rest were considered securities?
  • michaelsbradley 4y ago
    The chairman of the Commodities and Futures Trading Commission, Rostin Behnam, told the Senate Agriculture Committee on 09 March 2023 that Ethereum, the second-largest cryptocurrency next to Bitcoin, is a commodity. "We would not have allowed the Ether futures product to be listed on a CFTC exchange if we did not feel strongly that it was a commodity asset," he elaborated, stating that his agency has "serious legal defences" to support their case. https://decrypt.co/123032/cftc-chair-says-ethereum-is-a-commodity-despite-genslers-bitcoin-only-position https://decrypt.co/123032/cftc-chair-says-ethereum-is-a-comm...
    • ericd 4y ago
      Ah, good to know, thanks!
      • michaelsbradley 4y ago
        Well, embarrassingly I made a typo, it should have been 08 March 2023, but no matter.
  • lowkey 4y ago
    That is correct. Gary Gensler, head of the SEC, had publicly stated that he considers Bitcoin a commodity, not a security.
    • toomim 4y ago
      But it is not correct that "all the rest" are considered securities. Also, the SEC does not determine what is and is not a security. That is determined in court. Gary Gensler can give guidance on what the SEC will take to court, but he is not the final word on what is a security.
      • lowkey 4y ago
        All fair points.