One of the first formal guidance publications by the SEC related to the ICO boom. The SEC’s Strategic Hub for Innovation and Financial Technology reinforced its guidance in April 2019 with its “,” which noted the speculative nature of many of the ICOs, their lack of utility and inability to be used as a payment or store of value as some factors that would lead those coins to be classified as securities.
This underpinning argument of the CTFC is that because bitcoin, for example, is interchangeable on exchanges – each bitcoin is of identical worth, just like how a sack of corn is of equal worth to another sack of corn of the same grade – it is a commodity. This determination was solidified in the CFTC’s case against crypto exchange Bitfinex and its sister company, stablecoin issuer Tether. In
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