$BTC

Thousands of tokens

Whether digital assets are securities or not still overshadows the diversity of the market, said Miles Jennings, chief legal officer of investment firm A16Z Crypto.

Bitcoin is the only digital asset that no one considers a security. No one controls it. It is completely decentralized. No company can decisively raise or lower its value, Jennings noted.

Meanwhile, the failed crypto exchange FTX created its own digital asset, FTT, which came very close to zero when FTX failed. Investors knew that its value was entirely dependent on this company.

These two assets are not the same at all.

On the other side: "So how do you determine when these measures are decentralized enough to ensure that the profits are not coming from the efforts of others?" Reiners asked.

"I just think once again that this is an absolutely futile task for any agency to try to do."

Instead, they should leave it to the courts, he argued.

What we are observing: this will likely be a lengthy process, but eventually, the working group will present a proposal to the full commission.