In this video, I discuss a number of reasons why Ethereum is and should be regulated as a security in the US.
Ethereum clearly passes the Howey Test, as we see from early videos of Vitalik pitching investors to give him money to invest in a common enterprise, with a reasonable expectation of profits, derived from the efforts of Ethereum developers.
You're definitely not a commodity if you have a leader with a bully pulpit, and a roadmap.
You're also not a commodity if you do one hard fork after another-- including changing your consensus mechanism and monetary policy 8 years into the project.
Bitcoin is different-- it operates through incremental changes expressed through soft forks, not hard forks.
Making any changes to Bitcoin's code is always messy, contentious, and chaotic, because there is no one like Vitalik in charge.
Bitcoin devs can unilaterally change the code, but nodes may refuse to run the new code. To change Bitcoin's code, you need a buy-in from disparate groups like miners, nodes, devs, hodlers, etc.
This is extremely important to remember: unlike Ethereum, there is no small group of people who can unilaterally push through changes to the Bitcoin protocol.
Bitcoin is a commodity because it does not have an issuer. It was not issued by a corporation, by a corporation pretending to be a foundation, or by a government.
Ethereum will need to register with the SEC (which will involve disclosing executive compensation and risk factors), or risk losing access to the deepest capital markets in the world (US). Either way, I think things will go really badly for holders of ETH.
Not investment advice! Consult a financial advisor.
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#ethereum #sec #bitcoin
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