Sec usa ethereum
For this reason, blockchain transactions cannot accurately be said to take place in the location where the commercial hosting providers are located, but instead wherever the network nodes are located—which, for a single ETH transaction, could be in seven or more different locations across the globe. Because of the network decentralization inherent in each ETH transaction, the Ethereum network is properly thought of as existing at every network node location and, simultaneously, at none of them, because no single location or group of nodes can be reliably presumed to interact with every single transaction during execution.
Further, most blockchain networks, validation systems, and protocols do not permit users to select the particular nodes that will be used to validate a transaction. US-based transactions could be validated using any number of non-US nodes, and vice versa, with no input from the user in selecting which nodes are used to complete them.
But this is only an inference, and not necessarily a strong one. A lot depends on whether the agency can get any federal judges to accept its theory. As the Balina case demonstrates, though, virtual currencies continue to present nettlesome questions of regulatory interpretation that call for a new synthesis marrying classical regulatory concepts to unprecedented technological innovation. In other respects, like identifying the jurisdictional boundaries of amorphous digital technologies that were intentionally designed to have none, the SEC still has a way to go.
Previously he spent nearly a decade at the CFTC and the SEC where he led numerous administrative investigations and federal court actions involving a broad range of conduct in the derivatives and securities markets. Are independent actors setting the price or is the promoter supporting the secondary market for the asset or otherwise influencing trading? Is it clear that the primary motivation for purchasing the digital asset is for personal use or consumption, as compared to investment?
Have purchasers made representations as to their consumptive, as opposed to their investment, intent? Are the tokens available in increments that correlate with a consumptive versus investment intent? Are there built-in incentives that compel using the tokens promptly on the network, such as having the tokens degrade in value over time, or can the tokens be held for extended periods for investment?
Is the asset marketed and distributed to potential users or the general public? Are the assets dispersed across a diverse user base or concentrated in the hands of a few that can exert influence over the application Is the application fully functioning or in early stages of development? How much decentralization is sufficient to make a token not a security? How will decentralization be measured? Will it be measured by how distributed token ownership is? Or the distribution of hashrate for proof-of-work networks?
Will the distribution of nodes be a factor? These questions and more will start to be answered on a case by case basis as the SEC and other regulators analyze the various economic realities of digital assets moving forward.
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