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It's absolutely unclear what the SEC is doing here at all. Why is ALGO a security and ETH is not? They do the same thing. What are the implications of this laws
by throw1234651234 3y ago
It's absolutely unclear what the SEC is doing here at all. Why is ALGO a security and ETH is not? They do the same thing. What are the implications of this lawsuit? Completely unclear. This is vague and unhelpful.
edit: Keep downvoting - the fact, with a clear example, remains.
- pjc50 3y agoHowey test.
- tromp 3y agoI think ETH should have been classified as one too, due to its ICO. Making an exemption for that was a mistake...
- WinstonSmith84 3y agoLet's ask Gensler what are his thoughts about ETH then https://twitter.com/sassal0x/status/1648338351832064003 https://twitter.com/sassal0x/status/1648338351832064003 Oh wait ... :-)
- throw1234651234 3y agoThat's amazing on the level of refusal to answer a simple question.
- simpsond 3y agoThe primary use cases of ETH are changing state of the network and collateral for state change validation. Requester pays to effect change and some ETH is burnt and some goes to validators to incentivize operation. What other security does that? I don’t expect profit when using it to change state of the network.
- EscapeFromNY 3y agoWhen was ETH declared as not a security? I don't remember hearing anything about that. The SEC says only BTC is a commodity: https://www.axios.com/2022/06/28/bitcoin-is-the-only-coin-the-sec-chair-will-call-a-commodity https://www.axios.com/2022/06/28/bitcoin-is-the-only-coin-th... The CFTC says only BTC is a commodity: https://cryptoslate.com/cftc-chair-rostin-behnam-snubs-ethereum-claims-only-bitcoin-is-a-commodity/ https://cryptoslate.com/cftc-chair-rostin-behnam-snubs-ether... People keep saying that regulation is unclear, when let's be honest, it's perfectly clear. Just not what a lot of people wanted to hear.
- taeric 3y agoThe fact that they have been asked, point blank, by congress, "is ETH a security?" and the SEC wouldn't answer is pretty fair for claiming "not perfectly clear." Even here, it wasn't all of ETH that is under question. So, if you have bought some ETH from coinbase, it isn't under fire here. If you paid them to stake your ETH, it is. It is unclear, to me, what it would mean for any ETH you staked personally.
- throw1234651234 3y agoThat's the root of the problem - it's absolutely unclear what the global implications are and if this will be used to go after individuals staking on their own, etc.
- loeg 3y agoNo agency has the resources or interest to go after individuals that aren't doing anything especially egregious.
- vkou 3y agoI've watched that interview, congress would ask a loaded question, framed in a fallacy[1], the chair would start answering it, and the congresscritter would interrupt him and throw a tantrum. Repeat 5x. It wasn't a good look. For the congresscritter. (I wonder how much money he's gotten from Sam, CZ, and Coinbase...) [1] The fallacy in question is the congresscritter's claim[2] that a security can't also be a commodity. This is trivially disprovable by a simple example - an isolated company town using scrip, where the scrip also happens to be company stock. [2] Whenever the chair would start responding to the fallacy, the congresscritter shouts over him, because if he doesn't, his argument-in-the-form-of-a-question falls to pieces.
- taeric 3y agoHe wouldn't start answering. He was asked "yes or no, is ..." and would start hemming and hawing with words that were neither "yes" or "no."