On this point, logic dictates you can’t have it both ways: If you argue Ethereum, Bitcoin and the other cryptocurrencies used to finance ICOs are money in another form, then the new cryptocurrency being issued must also be money (i.e. a currency) and therefore is not a security. On the other hand, if you argue they are not money, then it clearly fails bullet one of the test.
U.S. ICOs shouldn’t be scared of the SEC
CoinJob Team
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This is incorrect. You can have different cryptoassets defined in different ways: cryptocurrencies (bitcoin, dash, litecoin) and cryptotokens (BAT, golem, or Augur). There is no reason courts and/or regulators will not make this same (or a different type of) distinction recognizing some as money and some as securities based on their different functions and uses, and enforce accordingly.

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