After months of speculation and debates, the SEC's William Hinman, head of the Division of Corporation Finance, finally opined on Ethereum. Speaking at the Yahoo All Markets Summit: Crypto conference in San Francisco, he said that many, if not all, ICOs would be classified as securities. "Central to determining whether a security is being sold is how it is being sold and the reasonable expectations of purchasers," he told the crowd.
The cryptocurrency market rebounded immediately. Ethereum has increased ~9% as of the time of writing, but there's no reason to celebrate for the teams who launched tokens on top of the network.
1/ Today, in a speech at the Yahoo Finance Summit, SEC gave landmark guidance on token sales. It finally answered the question “When is a token sale a security?” It’s a Really Big Deal™ and I’m going to break it down here. SPOILER: It's really good and totally reasonable.— Marco Santori (@msantoriESQ) June 14, 2018
Ponder the absurdity of this for a moment https://t.co/eBGv40w4rB— Preston Byrne (@prestonjbyrne) June 14, 2018
"Schnorr signatures are great. They can save some computational power during block validation and also give us ability to use key aggregation. The last one has some inconveniences, but we aren’t forced to use them — after all, if we want we can continue using normal multisig schemes with separate, non-aggregated signatures and still gain something."
"This paper proposes a novel adjustment to Satoshi Consensus that makes it exponentially more costly, and hence unlikely, to launch such attacks for any proof-of-work mineable cryptocurrency system."
News & Commentary
"Since launching in February 2016, Decred has gained meaningful traction, with tens of thousands of miners and stakers — and importantly, a very active, large and growing developer and contributor pool that has access to the built-in recurring funding for important features."
"We’re starting to invite small groups of retail customers to participate in the USD markets, as their trading will help us further evaluate and test everything."
"Whenever new Tether tokens are issued, the tokens are sent to the Bitfinex wallet. Tether’s white paper mentions that Tether tokens may be purchased from Bitfinex and that Bitfinex supports the deposit and withdrawal of Tether tokens. Moreover, Tether tokens are always issued and sent to the Bitfinex wallet in round numbers."