SEC and ethereum

in eth •  8 days ago

I came across one interesting tweet storm today.

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It was about the SEC and wether ETH is a security or not.

The thing is the SEC does not have jurisdiction over ETH.

Ethereum is a blockchain and is controlled by its miners and token holders.

Yes there was an ICO, but this was by a Swiss Organisation, so if anyone has jurisdiction it would be Switzerland. The jurisdiction however is over the wntity, which has no control over the blockchain other than that it is one of the stake or tokenholders.

I know the US rules the world....

But ethereum is a self sustainable organisation. It will survive if it brings value to its users. What you call it may make a difference in your country, but is not actually changing what it is.

Certainly it is not the same as a security that was issued by the SEC.

It may make some of such securities obsolete.

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When these pointless drama is brought into question the thing I always point towards is Torrents. No government could shut these things down and nobody had the financial incentive to make torrents and privacy thrive as it cost them money instead of made them money. If governments failed a that, how are they going to bring down something with massive financial incentives involved where the investors could be getting their retirement on there crypto investments

I'd actually prefer to see governments outlaw BTC, ETH etc. That will really prove how powerful these things are. .

As far as any Country is concerned it doesn't matter where the ICO was held. It is about if it's citizens have access to the coin (this isn't just a US deal in the least, many other countries are taking the same position). If you are allowing the sale to citizens of the US you must follow US law, period the end.

Still don't feel that the SEC has done even a slightly good job at clarifying the which coins are and aren't securities, exactly what needs to be done to avoid being considered a security in the future, and so forth. There are so many question marks that after talking to an attorney about the subject I decided to hold off plans on a project to avoid getting caught in the mess that is about to come IMO.

Totally agree with you but it has important ramifications even for US holders as it could impact the exchanges that offer them if deemed to be a Security which I think is far from happening.

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