- cross-posted to:
- technology@lemmy.ml
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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Isn’t it exactly the opposite, especially with crypto like Bitcoin?
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.