Dave Michaels

speaker

248 appearances 5 recordings 1 series first heard May 2018 last heard Jul 2021

Dave Michaels’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Regulators Weighing New Push on Cybercurrencies · 2 May 2018 podcast

After Bitcoin, most people by this point have heard about Bitcoin.

Ether is an alternative to Bitcoin.

It is widely traded in the U.S.

and globally and had a market value, at least yesterday, of around $67 billion.

So it is a very widely traded and held cryptocurrency that, like Bitcoin, it's sort of regulatory status.

has ranged from between unregulated and maybe more in a gray zone these days.

It is a very...

relevant and an important part in the question and the evolution of these assets.

But it's also a little bit arcane how you ultimately define these assets, what they are, whether they're commodities, like you said, Bitcoin is, or whether they actually do qualify as a security, which we often think about as a stock or a bond.

So if you just start at a high level and you ask yourself, well, how could this thing that is supposed to be called a virtual currency

be considered a stock, it is a really good question.

And it's a question that a lot of the community that trades cryptocurrencies or uses them for other purposes has.

And at least in the case of Ether right now, they might be going through a reckoning where the regulators are going through a process where they're going to try to ultimately define it, whether it really is a commodity like Bitcoin or whether because of the way that it's, because of the entities that it's tied to, because of the way that it trades, whether it actually should qualify as a security.

Yeah, that's basically right.

I mean, and I think Ether's supporters and traders and people who built applications on the Ethereum network would tell you there is no management.

But that's essentially the question is, is who stands behind Ether?

Does any particular entity...

Or individuals, are they responsible for predominantly driving its value?

And the genesis of this question, it comes out of a Supreme Court case that's over 70 years old and called the SEC versus Howey.

And the Supreme Court decision created the Howey test, which is a four-factor test.

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