Re:$600M taken in largest DeFi hack to date
by arcticbull on Wednesday August 11, 2021 @03:40AM
(#28139174)
> Maybe you meant to say that it just escaped being classified as a security, but as far as I can tell it's a commodity at present.
Indeed it is today considered a commodity. This is broadly what I was getting at, yes.
I encourage you to review the Howey test however as it is the framework ordinarily used for making this determination. [1]
> On Thursday, June 14, 2018, the U.S. Securities and Exchange Commission’s (SEC) Director of Corporate Finance, William Hinman (Hinman), announced that the commission would not be treating Ether or Bitcoin as securities. The SEC’s announcement is in line with the recent comments of SEC Chairman, Jay Clayton, who recently noted the difference between cryptocurrencies and digital tokens, saying that cryptocurrencies as “replacements for sovereign currencies” were not securities, while digital assets revolving around a venture are often securities.
https://cassels.com/insights/sec-declares-bitcoin-and-ether-....
Maybe you meant to say that it just escaped being classified as a security, but as far as I can tell it's a commodity at present.