Apologies for missing the daily update yesterday. I was busy networking with some crypto folks in town, and spent the evening installing the MacOS Mojave Beta. Night Mode is awesome.
Total Market Cap: $286,093,292,456
24 Hour Volume $15,948,130,949
BTC Dominance: 39.6%
At today’s Yahoo! Finance All Markets Summit, the SEC’s William Hinman stated that “putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.”
But this also points the way to when a digital asset transaction may no longer represent a security offering. If the network on which the token or coin is to function is sufficiently decentralized – where purchasers would no longer reasonably expect a person or group to carry out essential managerial or entrepreneurial efforts – the assets may not represent an investment contract. Moreover, when the efforts of the third party are no longer a key factor for determining the enterprise’s success, material information asymmetries recede. As a network becomes truly decentralized, the ability to identify an issuer or promoter to make the requisite disclosures becomes difficult, and less meaningful.
Jonathan Johnson, who serves on Overstock’s Board of Directors said, “we have somewhere between $68,000 and $120,000 a week in cryptocurrency revenues; people buying sheets and toasters using bitcoin or ethereum or other coins.”
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