Also see SEC says Ether isn’t a security, but tokens based on Ether can be (TechCrunch); in other cryptocurrency news, see William Shatner wants bitcoin miners to boldly go to this solar-powered mining facility in Illinois (The Washington Post)
"“Based on my understanding of the present state of ether, the Ethereum network and its decentralized structure, current offers and sales of ether are not securities transactions,” Hinman said.
Hinman's remarks suggest that, unlike companies, which are required to educate stock investors about the health of their businesses, the developers behind bitcoin and ether face no such obligations. The basis for this conclusion, Hinman said, lies in the fact that bitcoin and ether are developed diffusely, by many unaffiliated people, rather than by a single, centralized entity such as a corporation.Bitcoin and ether shouldn’t be regulated like stocks and bonds, a top SEC official says -- The Washington Post
“As a network becomes truly decentralized, the ability to identify an issuer or promoter to make the requisite disclosures becomes difficult and less meaningful,” Hinman said. “As with bitcoin, applying the disclosure regime of the federal securities laws to current transactions in ether would seem to add little value.”"