The SEC has been on the agenda with its moves lately. Accordingly, the last move came to a PoW coin. The US Securities and Exchange Commission is notable for its lawsuits. Binance and Coinbase are on target. However, it is now a matter of curiosity which coins are classified as securities or not. Let’s have a look at the details.
Securities sticking to this PoW coin
on the SEC’s list cryptocoin.com As we mentioned, there were many DeFi coins and metaverse tokens. There were also Proof of Stake focused tokens. On the other hand, the only Proof of Work focused cryptocurrency is DASH. We all know that investors are fond of this PoW coin. There are important statements about why DASH is classified as securities. These statements appear in the SEC’s court file. Of course, when DASH was included in this list, Barry Silbert’s statements came to mind. In the meantime, let’s mention that Silbert is the founder of DCG, the umbrella company of Grayscale. In his statement, Silbert emphasized the importance of not including any PoW coins on the SEC list. However, when we look at it, it seems that Silbert overlooked DASH in the list. So why is DASH on the list?
It should be noted that there are interesting statements in the SEC file. Accordingly, there is an accusation that there is a control force against DASH. Here the SEC is talking about the Dash Core Group (DCG). Accordingly, it is emphasized that Masternodes provide control of DCG. Masternodes are nodes in the DASH network that provide additional security services. It’s really interesting that the SEC is emphasizing nodes here. Because the improvements made by Masternodes on the DASH platform affect the value of the DASH token. In this case, people who own crypto currency earn profits from here. Accordingly, the perspective towards the PoW coin shows that the SEC has well overlooked a purely technical detail.
The promise of value increase
The SEC’s approach did not end there. Accordingly, since the first day of its existence in the market, both Masternodes and DCG have spread information that the value of DASH will increase. Such information also made investors expect it. Thus, the demand for the PoW coin, DASH, would increase. The increase in demand meant that the value of the token also increased.
The subject is so sensitive that SEC chairman Gary Gensler emphasizes securities in nearly every speech. In fact, the concept of securities is formed by people who believe that the value of the asset will increase and invest accordingly. Finally, Gensler points out that there is no such centralized structure in Bitcoin. According to him, Bitcoin does not have an investment contract.
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