Surprised there's not a thread on this.
The SEC are scheduled to have a meeting today regarding whether projects like ETH and XRP are securities. Dunno if and when the actual verdict arrives.
The SEC are scheduled to have a meeting today regarding whether projects like ETH and XRP are securities. Dunno if and when the actual verdict arrives.
i suspect it'll still be awhile before we get sweeping standards for this stuff.
ETH as a security seems like a longshot, trickiness of pre-mine (ICO) aside. genesis block ETH is fungible with mined ETH, which is not centrally issued. i don't recall the ICO being marketed as an investment with promised returns like the ICOs of today, either. ETH clearly has utility beyond investment (if it could really be deemed an investment at all).
My guess is that it's unlikely they'll go for a yes for the biggest projects. It's more work for them and ETH at least has done enough to evolved beyond that classification. I'm sure many an ICO is going to get a raping.
i'm curious to see how they rule on ripple. XRP is essentially useless and centrally issued. while not legally overlapping, i think the 2013 guidance from FINCEN (and subsequent ruling against ripple labs) gives us some idea about the level of centralized control ripple labs has regarding asset issuance: https://www.fincen.gov/news/news-releases/fincen-fines-ripple-labs-inc-first-civil-enforcement-action-against-virtual
Would a yes classification for some give Bitcoin's value a knock or a fillip? Would the whole alt market have a major wobble?
i think the ICO market has priced in a lot of the expected negativity, and i don't expect any legitimately mined cryptocurrencies to be deemed securities. all in all, i don't see it being significant. we're already in a bear market; we should expect more of the same.
