It appears that the Securities and Exchange Commission’s view of crypto-currencies is “evolving.”
It is now apparently distinguishing between what it deems to be securities offerings (i.e., initial coin offerings) and tokens that are supposedly “assets.”
In a recent speech, the Director of Corporation Finance noted that he considers both Bitcoin and Ether assets, and that the offer and sale of Ether is not a securities transaction (even though Ether’s birth was through an #ICO but is now created exclusively through mining).
This is an interesting development as instruments that have historically begun as “securities” and then trade, trade on securities exchanges that are SEC regulated.
The evolution will continue, for sure.