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The War on Crypto
Many Happy Returns
The SEC's Definition of an Active Participant in Cryptocurrencies
The SEC's description of a security, which is laid out beautifully on its website, is really clear. It talks about something called an AP, an active participant. The big question is, does the purchase reasonably expect to rely on the efforts of an AP? Now, what's odd about cryptocurrency is that the management often appears as part of the code. So there is a kind of management structure there, but it may not fit the mold of what the SEC is looking for.
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