Different jurisdictions treat virtual assets as shares, securities, money, goods and even services. They are all right, as the old joke goes. And we were forced to express our point of view by the latest news.
The SEC and the CFTC are the financial instrument control divisions of the U.S. government.
And lo and behold, the SEC is claiming that ETH and many other crypto assets are securities, on the basis that they pass the Howey test.
At the same time, the CFTC says that BTC. ETN, USDT etc. – are commodities and yet function as a medium of exchange, settlement and storage.
The fun part is that the SEC just controls securities and the CFTC controls commodities (futures). A tidbit of crypto, however, if the most experienced experts are pulling the blanket on themselves). And if a certain expert moves from the SEC to the CFTC, will he change his position in line with the party line?
Let’s figure it out, too.
The Howie test.
It has to be an investment
With the expectation of profit
In the general enterprise
With profits earned by a third party (invested and non-invested)
For example. I bought a rug with a friend. And we turned it in to the thrift store for a profit. Carpet sellers sell carpet, we don’t work, we expect to make a profit. Bottom line – carpet, it’s a security.
Next. Exchange, settlement and storage are the basic properties of MONEY, not commodities. If I imagine that I keep fifty carpets at home, how will I use them to pay at the grocery store for a bottle? After all, the carpet is a commodity, and the above functions are rather inappropriate for a commodity.
Therefore, I would consider BTC closer to money, and I consider USDT to be well almost money.
ETH, on the other hand, has many properties that money doesn’t have… To refer to it as a security? Who’s the issuer? What and whose obligations and rights does this paper certify?
No, guys, the crypt has to be categorized differently, no matter what the various overseers want.
The technology of making a nuclear bomb is hard to write down in knotty writing…..
For example, the offer of AGTI ( https://sevlushfoods.com/our-documents (https://sevlushfoods.com/our-documents/)/ ) is made in full compliance with the Ukrainian legislation and as close as possible to the European and American legislation.
The AGTI token is a digital record-indicator of the financial status of AgroGloryTime, which certifies the holder’s rights of access to a number of services of the group. I think other crypto-assets should be categorized in some similar way, developing legal categories of how virtual space works and how it relates to real space.
Like we did.