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In this video, I discuss how Ethereum may have inadvertently turned itself into a security by moving from proof of work to proof of stake.
Not even 24 hours after the Merge, Gary Gensler has come out swinging, reminding people that staking rewards look a lot like interest income or dividends that are paid by a security.
Here’s some advice to crypto projects:
If you want to look more like a commodity, don’t have one guy in charge who creates the road map and drives development forward.
And especially don’t do that if the new feature that you just added looks a lot like an interest-bearing security. That doesn’t look too commodity-like to the SEC.
Not investment advice! Consult a financial advisor.
Ether’s New ‘Staking’ Model Could Draw SEC Attention:
World Economic Forum loves Ethereum:
Ethereans get their big boy pants:
With the shedding of proof-of-work Ethereum is fully charting its own course, inspired by, yet distinct from Bitcoin.
From here on out Ethereum is no longer living in Bitcoin’s shadow.
Little brother is all grown up.
— RYAN SΞAN ADAMS – rsa.eth 🦇🔊 (@RyanSAdams) September 15, 2022
The head of the SEC says most cryptocurrencies are operating illegally:
Gary Gensler going after Ethereum:
For context, there have been rumors for a while that Chair Gensler's SEC would love to walk away from its June 2018 guidance saying ETH isn't a security, but they haven't found a credible way to do that yet. (There isn't one.) I don't read this article as him giving even an inch.
— Jake Chervinsky (@jchervinsky) September 8, 2022
Ethereum development sure looks centralized:
Congratulations to the Ethereum Team, @VitalikButerin and everyone who worked on the merge to proof of stake last night! This move will reduce worldwide electricity consumption by more than .2%!
— Jared Polis (@jaredpolis) September 15, 2022
Congratulations to the entire Ethereum team on a successful merge. This is a historic moment for us all and a big step in scaling Ethereum to it's first billion users. We hope you're celebrating this morning, we sure are!🍾cc: @VitalikButerin, @TimBeiko, the @ethereum foundation.
— Yuga Labs (@yugalabs) September 15, 2022
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