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However, that being said, I would basically abolish securities law too, so...
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You might thing a 1939 law links with ETH if you want but I don't. I see ETH almost as an internet of sorts but the internet isn't a security. Both require things to operate within them and esp in the internet's founding it was hella expensive to have internet those AOL free trial CD's were practically gold.
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Except... bitcoin and shitcoins ARE different. Looking at the Howey test: for example eth is clearly a security imo. Bitcoin clearly is not.