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Hours after Ethereum transition to proof-of-stake, SEC Chair says PoS crypto could be classed as securities (web3isgoinggreat.com)

submitted 2 years ago by rysiek@szmer.info to c/technology

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In the early hours of September 15, Ethereum completed "The Merge – the long-awaited transition from its original proof-of-work consensus mechanism to proof-of-stake.

Later that day, SEC Chairman Gary Gensler pointed to the staking mechanism as a signal that an asset might be a security as determined by the Howey test.

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[–] rysiek@szmer.info 2 points 2 years ago

This. Here's the video, and it's absolutely worth a watch. Easy to watch in batches (it's >2h long), I watched it over a week or so. Very well argued and evidenced.

While we're at it, we need to talk about "market caps" and crypto-asset valuation. Molly White wrote a fantastic deep-dive into it. Tl;dr is: cryptocurrency valuation is inflated to high haven by what can best be described as "creative accounting". Which is to say:

the whole ecosystem is really just a nesting doll of scams, lol.

Bingo.