Latest news on sec ethereum
The SEC has been clear, through recent statements and enforcement actions, that it views most digital assets as securities. However, since A move by the SEC to classify Ethereum as a security would mean that most digital assets except bitcoin could be considered a security and every. Read the most recent news on SEC to stay informed about the latest events, policies and penalties with our SEC news section. TRADE LITECOIN FOR ETHEREUM COINBASE
The SEC asserts Ethereum transactions occurred in the US because of where blockchain validation nodes were clustered, a theory courts may find problematic. 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. You can subscribe to get the full newsletter here. Instead of settling with the agency, Ripple seeks to prove the SEC has taken an unclear, contradictory and arbitrary approach to regulating crypto.
In fact, the judge released the documents precisely because they reflect the personal opinions of one employee, not the agency at large. Ripple has used these sales to fund operations and, including in all likelihood, its expensive legal defense. The lawsuit was filed shortly before Chairman Gary Gensler took charge at the SEC, presaging his more aggressive approach to reining in the crypto industry. Kik, the messaging company that was sued by, and settled with, the SEC after its initial coin offering ICO , also sought access to these documents.
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