is that Hedera is SEC compliant since day 1, or at least thats what they have been trying to do. But what are they adhering to now right now? what are they adhering to since day 1?
I think that's an open question, as Howey Test logic depends on "profits from the efforts of others". As noted above, I don't think that a security designation is a death knell for Hedera however, since its services will still be useful and in demand by users, it will just be slightly more difficult to buy (how hard is it to buy a publicly traded stock now?) I don't believe that PoW is free from regulation, since the question remains "profits from the efforts of others"... If Bitcoin escapes a security designation it will be because it was simply put into motion or "minted" and then left alone (like hbar), so the efforts of others ended there in regard to the digital commodity itself. It is an interesting legal question to consider whether the Howey Test applies when the "others" (also designated as AP or Active Participant) are anonymous. I don't see why anonymity would offer protection here when the nature of "active participant" is what is in question. If HBAR gets a commodity designation, then the choice to denominate fees in USD will help since you buy a commodity with cash, not with more of the commodity itself. Projects with fees priced in the native token seem to create an artificial market for themselves which seems to behave more like a security market than a commodity market.
One of the Reasons From Gary Gensler why Bitcoin is a commodity: 1 unknown creator, and decentralized mining of coins. There is, of course, some truth in that. Because pos coins can also be seen as issued shares.
See revisions above... If PoS tokens are considered shares issued, I don't see any reason why PoW tokens should not also be considered shares issued.... However there is a difference if PoS tokens earn staking rewards. Ideally such rewards are considered fees for the work by stakers of auditing nodes, a task which makes them Active Participants rather than passive investors. If, however staking rewards are seen as passive income, then the tokens likely become securities. This regulatory question is probably one of the main reasons for delays in allowing proxy staking and non-council nodes. (the other reason being network security, as they need to assure that stake is sufficiently distributed to avoid a dangerous concentration of stake in malicious hands)
Yes, I guess it's already acting as a security anyway
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