🇷🇺 Russian: 👉 here
On September 9, Hatchet, one of the core devs of the Symbol project, wrote a very important and interesting post on her Twitter.
She referred to the official document of the SEC (US Securities Commission), this document says that almost every cryptocurrency is a security, which means that almost every crypto project can die sooner or later.
The official document of the head of the U.S. Securities and Exchange Commission , Harry Gensler , says:
Companies engaged in transactions on the cryptocurrency market must necessarily register with the U.S. Securities and Exchange Commission (SEC), as provided for market intermediaries.
It follows from this that companies carrying out “transactions” using cryptocurrencies must necessarily be registered with the SEC.
On this occasion, Hatchet added the following:
✅ What belongs to the category of securities:
Hatchet: Every cryptocurrency that has its own “Foundation” and that manages key aspects of the network chain – from listing agreements with exchanges to engineering and marketing – is a security.
- ✅ Therefore, if your crypto project (cryptocurrency) has a centralized website that promotes your project, then this is a security.
- ✅ If your cryptocurrency has its own “Foundation” that sells or talks about price performance, it is a security.
- ✅ If your cryptocurrency has a team that is constantly selling it to individuals, then it is a security.
- ✅ If your community refers to a group of individuals as “leadership” or makes “leadership” responsible for price performance, your cryptocurrency is a security.
- ✅ If your cryptocurrency has a “Foundation” that runs most of the nodes, then it is a security, and also, if your cryptocurrency needs to convince other people why they should buy it, then it is a security.
❌ What does not belong to the category of securities:
- ❌ If your cryptocurrency is organic and decentralized – where everything from infrastructure to marketing and engineering is done by different organizations and individuals gathered under the same banner – it may not be a security and may live.
It may disappoint you with some of the decisions we make and the position we take, but if a cryptocurrency is classified as a security, that is the death knell.
Investors who follow crypto projects on social networks and view online publications about projects, then these tokens have advertising sites with profiles of entrepreneurs working on projects.
The conclusion here is that you do not need to rely on the team, you need to start acting on your own and make improvements to the project. Because if we team up together, it will be a great help to the project.
And at the end, Hatchet added the following:
So if you want Symbol and NEM to survive, stop treating these cryptocurrencies like securities. Each owner is responsible for the success or failure of the project. Together we rise or together we fall.