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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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[–] vord 4 points 2 years ago

Fundementally, yea. Cryptocurrency is really just a public ledger. With enough time and computing power, you can trace every transaction ever made. If you identify a wallet's owner, you can watch everything they do.

Cryptocurrency is not cash in an envelope.