Apr. 3, 2024
Unlike Bitcoin, Ethereum (ETH) is clearly an unregistered security per the Howey test. There was money invested with a pre-mine of the token, there was an expectation of profits, a common enterprise, and the success of the project relied on others... In addition the merge to proof of stake in 2022 solidified the lack of decentralization of this blockchain. Bitcoin is a digital commodity... an asset without an issuer. Ethereum is a security that is currently unregistered with the SEC... For these reasons the SEC should shoot down the ETF and treat Ethereum and other "alt-coins" like the unregistered securities they are. Regards, James Keeton