As a matter of personal belief I don't think crypto miners/node maintainers should have to register as dealers, but the level of freakout feels disproportionate to me... How many of you actually have racks of asics/GPUs cooking on US soil? Most hashrate isn't US based anyway
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Other extreme is like: alameda bankrolls the solana blockchain. Pays for the writing of serum on solana. Makes markets on serum. Alameda might be a broker dealer lol
Right of course, but what you are mining probably also matters to some extent? Like, Bitcoin is clearly a commodity but a lot of DEX tokens come with governance rights and have associated cashflows. If I mine that, I'm creating something that certainly *feels* like a security!
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Maybe a blunter way of making the point is that it sure seems like whoever is mining and selling what in the picture below is doing something that strongly resembles securities dealing to mehttps://twitter.com/drewg__/status/1394636104284901386?s=19 …
they're not securities, they're commodities with cashflow characteristics
https://twitter.com/brrrzooka/status/1394430074791858178 … -
Yea agree I think cash flow is going to be what makes the difference. I do think these projects will get regulated. Very tough to enforce some semblance of “no US customers” on a dex though. Interesting times ahead.
End of conversation
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