Ethereum is Not a Security, ICOed Security Tokens Can Become Non‐Securities Says SEC


The token, the coin, all by itself is not a security, U.S. Securities and Exchange Commission (SEC) Director of Corporate Finance William Hinman said in a surprise announcement today.

“If the network on which the token or coin is to function is sufficiently decentralized, and the purchasers no longer have a reasonable expectation that a person or group is going to carry out a central managerial or entrepreneurial efforts, those assets might not represent an investment contract,” Hinman said before adding:

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