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In this video, I discuss SEC Chairman Gary Gensler's September 8 speech and what it means for crypto regulation.
Gensler confirms that most crypto projects pass the Howey test, and are therefore violating US securities law, if they have not yet registered with the SEC. The Howey test asks:
"Is it an investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others?"
If you answer yes to this question, you pass the Howey test and need to be regulated as a security by the SEC.
If you answer no to this question, you fail the Howey test and might be a digital commodity like Bitcoin. Gensler believes that there are very, very few what he calls "crypto non-security tokens."
Gensler further points out that if you hire a lawyer, you probably are not a decentralized project. I provide a video recording of Vitalik in 2014 talking about how Ethereum has raised a legal defense fund, which further suggests that ETH is a security.
I also discuss former SEC director William Hinman and how his statements on ETH may have been influenced by the millions of dollars that he was receiving from a pro-ETH law firm.
Nothing would make me happier than the SEC going after projects like Cardano and Ethereum. If your crypto cannot withstand a regulatory or other nation-state attack, it probably deserves to fail. Altcoins are a huge distraction and are delaying the freedom and prosperity that will come if we are able to make it to a Bitcoin standard.
Not investment advice! Consult a financial advisor.
SEC:
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The head of the SEC says most cryptocurrencies are operating illegally:
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Gensler's latest speech:
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SEC’s Gensler Reiterates Bitcoin Alone Is a Commodity:
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Interview with Vitalik Buterin 24h after launch of Ether pre-sale:
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Chair Gensler's SEC would love to walk away from its June 2018 guidance saying ETH isn't a security:
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William Hinman on ETH as a commodity:
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Former SEC director Hinman made millions from a pro-Ethereum firm during tenure:
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Why ETH is a security:
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Check out my online trading courses:
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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.
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