In a speech in August, the SEC stated that Ethereum is no longer a security, due to its decentralization. I believe they are wrong. In this legal analysis, I explain why I believe that the blockchain-based cryptocurrency is still a security under US securities law and jurisprudence, such as the Howey-test.
During a speech at the Institute on Securities Regulation, the Chairman of the U.S. Securities and Exchange Commission, Jay Clayton, made a statement about a very important issue that might determine the future of ICO’s: Is an ICO an offering of a security or not?
The SEC has warned celebrities not to advertise ICO’s. The advertisement of ICO’s may be a violation of anti-touting provisions, make the person liable for potential violations of the anti-fraud provisions, for participating in the promotion of an unregistered offer and sale of securities and make the person liable for acting as an unregistered broker.