Sec rules on ethereum
On September 15, , the Wall Street Journal reported Securities and Exchange Commission SEC Chairman Gary Gensler told reporters after a Congressional hearing that digital assets and the intermediaries dealing in such assets that allow for staking may shift the "efforts of others" analysis under the Howey test.
If so, they would be re-categorized as securities. Gensler went on to clarify that he wasn't referring to any specific digital asset or cryptocurrency, but when an intermediary offers staking services to its customers, it "looks very similar—with some changes of labeling—to lending.
There are two primary validation models for blockchains: proof-of-work and proof-of-stake. Under a proof-of-work model, a network of nodes who work to validate transactions complete complicated computational problems, fighting for the right to validate transactions and receive newly minted digital assets as rewards.
Under a proof-of-stake model, nodes increase the likelihood of being granted the opportunity to verify transactions and receive the corresponding reward by "staking" the native digital asset to that chain. The staked assets act as a form of collateral and can be destroyed or confiscated if there is impropriety or incompetence the recourse and process dependent on the specific blockchain in question. In mid-September, the Securities and Exchange Commission filed a complaint involving digital asset trades executed on the Ethereum blockchain.
The suit, brought against US-based crypto influencer Ian Balina, provides yet more proof—if we needed any—that the SEC takes an expansive view of its authority to police crypto fraud. This understanding of the location of Ethereum blockchain transactions is significant, outside of the application to ETH, because most token issuances are generated on the Ethereum blockchain in the form of ERC tokens, and many smart contract deployments rely on the Ethereum network. Transactions involving these ERC tokens and smart contracts are all validated by the Ethereum network and recorded on the Ethereum blockchain by Ethereum network nodes.
Many protocol systems and node systems are supported programmatically by hosted and centralized server and hosting systems that maintain server and infrastructure farms in various locations. 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.
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