{"id":57159,"date":"2019-10-06T08:16:30","date_gmt":"2019-10-06T06:16:30","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=57159"},"modified":"2019-10-06T17:09:11","modified_gmt":"2019-10-06T15:09:11","slug":"watershed-sec-bitcoin-non-security","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/watershed-sec-bitcoin-non-security\/","title":{"rendered":"Watershed Moment? SEC Confirms Bitcoin is a Non-Security"},"content":{"rendered":"
The Bitcoin<\/a> space has just experienced a watershed moment, at least from a legal standpoint.<\/p>\n In a letter published<\/a> on October 1st, 2019 \u2014 brought to the attention of cryptocurrency investors by Philip Liu of Arca, a crypto asset investment advisory firm \u2014 the U.S. Securities Exchange Commission (SEC) finally gave a concrete stance on its thoughts on Bitcoin.<\/p>\n https:\/\/twitter.com\/PhilipLiu\/status\/1180310282167410688<\/p>\n In that letter, Cipher Technologies Bitcoin Fund, which was filing a registration to the SEC in hopes of becoming an investment company, argued that Bitcoin was a security.<\/p>\n The SEC begged to differ, with agency staff writing that they believe the leading cryptocurrency doesn’t fit the description of a security as defined by the Howey Test and the SEC’s digital asset framework published in April of this year. It was written:<\/p>\n \u201cWe think that conclusion is incorrect under both the reasoning of SEC v. Howey and the framework that the staff applies in analyzing digital assets. Among other things, we do not believe that current purchasers of bitcoin are relying on the essential managerial and entrepreneurial efforts of others to produce a profit.”<\/p><\/blockquote>\n