John Reed Stark, former head of the U.S. Securities and Exchange Commission (SEC) Internet Enforcement Office, in a recent tweet Bitcoin (BTC) He suggested that it might be an unregistered security.
Former SEC Attorney Claims Bitcoin Is Centralized and Could Be Considered a Securities
“So how come Bitcoin is not an SEC-registered security?” Stark wrote in a Twitter post from Ethereum advocate Evan Van Ness regarding the centralization of btc mining. replied.
And how is it again that bitcoin is not a security which requires SEC registration? https://t.co/n7CYdVS7YY
— John Reed Stark (@JohnReedStark) December 28, 2022
In his Twitter post, Van Ness states that 850 of the last 1,000 blocks produced on the Bitcoin blockchain were mined by just five organizations: Antpool, FoundryUSA, f2pool, ViaBTC and Binance.
The data shows that these organizations account for more than 80% of the total block production and over 50% of the production is shared between only two organizations, Antpool and FoundryUSA.
According to the SEC, a security can be stocks, bonds, and other related instruments that include shares in a company or an investment contract. It is believed that Bitcoin does not fit the definition of a security because it is decentralized, meaning no one owns or controls it.
It is also not centrally issued or traded on any established market or exchange. As such, it is not subject to registration requirements with the SEC as a security.
BTC advocates were delighted when Gary Gensler, Chairman of the US Securities and Exchange Commission, publicly confirmed his belief that Bitcoin is a commodity earlier this year. Gensler’s statements seem to confirm a popular view that Bitcoin should be viewed independently of other tokens labeled as “crypto”.
*Not investment advice.
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