1) I'M NOT A REGULATOR, THIS IS NOT LEGAL ADVICE
but:
my current best guess is consistent what says: that the CFTC will regulate spot + futures for non-security tokens, and the SEC will regulate spot + issuance of tokens that are securities
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2) This is also consistent with the / / / bill, and with / .
And it's consistent with what and others have said publicly.
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3) It seems pretty likely that BTC, ETH, and many forks/variants will not be securities; and that many other tokens will be securities.
(How about other large tokens? Or futures or swaps on security tokens? Or tokenized stocks? And what exactly is a stablecoin? We'll see!)
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4) And, for what it's worth:
I think this is all pretty reasonable; and a resolution providing regulatory oversight along these lines would be healthy for consumers, protect against risk, prevent scams, give clarity to the industry, and allow liquidity to come back to the US.
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5) And it's consistent with what / drafted--
as well as what and others have argued for from the customer protection angle
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if the SEC rules that ETH is not a security they're even more useless than I thought
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How did you get that ETH is not a security? He specifically said Bitcoin and nothing about ETH - for a reason...because its a security.
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