Newly uncovered emails highlight SECGov officials' 2018 debate over ether's status. With ambiguity over whether $ETH was a security, the discourse shaped a significant speech by William Hinman.
about how clear the speech actually was in expressing a view that ether was not a security.“As written, the language remains vague as to whether ETH is a security. If you want to make an affirmative statement that it is not a security, the language could be stronger . If you don't want to take an affirmative stance, we suggest using language similar to what you used for Bitcoin re.
“This is introducing a concept, that will probably generate much discussion, and so leaving room for that discussion is good I think,” she wrote.A June 12 email from Laura Jarsulic, an attorney with the SEC’s Office of General Counsel, referenced the landmark Supreme Court case commonly used as a test for determining whether something is a security even today – SEC v. W. J. Howey Co.
Further down, Jarsulic wrote in a suggestion that there could be situations where a token is indeed a security – for example, if a company issues tokens instead of shares.
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