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The State of Crypto Regulation | Rebecca Rettig and Jake Chervinsky

Empire

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Uniswap Governance Token

The Uniswap governance token is not a security before the fee switch gets turned on and then automatically a security just because it is. The question is, why are they expecting profit? Is it because of the original creator of the asset for other reasons? So that's really the key when you are thinking about this analysis. And the Coinbase complaint is a great place to learn whether and what the SEC thinks important in the others analysis.

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