JDASC (Formally, Joint Digital Assets Standards Council, now, "Joint Digital Asset Standards Council"), announced after a comprehensive re-examination of the goal to establish functionality, interoperability, and compatibility standards in the digital asset industry, the decision was made to discontinue any further efforts. JDASC will now function solely as a digital asset investor protection, non-profit, public benefits organization.
NEWPORT BEACH, Calif., April 17, 2024 /PRNewswire-PRWeb/ -- JDASC stated the new primary goal is to have fungible investment digital assets including Bitcoin and Ether properly classified and regulated as securities by the SEC to protect investors. JDASC further stated Bitcoin and Ether have been functioning as unregulated securities for far too long and the SEC needs to step up and start protecting Bitcoin and Ether investors. Regardless if the investment is made directly by purchasing Bitcoin or Ether on Coinbase or investing in Bitcoin indirectly through Blackrock’s IBIT spot Bitcoin ETF. Both now require SEC regulation and oversight to protect current and potential future investors.
JDASC further stated Bitcoin and Ether pass the Howey securities test when viewed from a real-world financial investment functionality perspective. Both crypto assets easily satisfy all four “prongs” of the Howey test:
- “An investment of money” Both are purchased with fiat or digital currency. Despite what pro Bitcoin security law “experts” have stated, a written investment contract is NOT required.
- “In a common enterprise” The Bitcoin and Ethereum blockchains function as horizontal virtual common enterprises.
- “With an expectation of profit” Although originally intended to function as P2P “trustless” payment systems, Ether, and Bitcoin primarily function as speculative investments. Based on the billions of dollars that have been pouring into the Bitcoin ETF platforms, there is no doubt investors have full expectation of making a profit.
- “To be derived from the efforts of others" Ethereum blockchain developers and stakeholders. Bitcoin miners, full node operators, the handful of Bitcoin Core maintainers and more recently, spot Bitcoin EFT platform CEOs who appear on national financial news programs promoting investment by predicting the price of a Bitcoin will reach seven-digits.
JDASC supports CFTC (Commodity Futures Trading Commision) chair Rostin Behnam request for Regulatory clarity for the crypto industry to ensure investors are appropriately protected,” JDASC agrees with the statement digital assets like Bitcoin and Ether cannot be classified in the same manner as realworld commodities such gold and corn. JDASC also supports, if required, creating a new SEC financial investment securities category that will apply to speculative digital assets such Bitcoin and Ether.
Media Contact
Name: John Reese
Email: [email protected]
Phone: (619) 736-0667
SOURCE JDASC
Share this article