Ether not a security says SEC. Not an official statement but this is big news!

Just read a story that was shared on a telegram channel #cryptomedics. SEC has finally made a statement saying that ether is not a security. The following was written in a Yahoo finance article -

In an announcement at Yahoo Finance’s All Market Summit: Crypto in San Francisco on Thursday, the U.S. Securities and Exchange Commission Director of Corporate Finance William Hinman said that the commission would not be classifying ether or bitcoin as securities.

The link to the article is as follows -

https://finance.yahoo.com/news/sec-announces-ether-not-security-162658147.html?guccounter=1

Hinman’s announcement marks the official position of the SEC: the name isn’t important, but the way in which it’s sold, promised, and behaves is the key deciding factor.

While the SEC has not clarified its statement on other tokens, it clearly has lifted doubts over one of the biggest concerns - is ether, the second most valued public blockchain - a cryptocurrency or not.

Below is the criteria that Hinman stated -

If a cryptocurrency network is sufficiently decentralized and purchasers no longer have expectation of managerial stewardship from a third party, a coin is not a security, Hinman added.

Guys this is big, given the recent flurry of positive news, this is icing on the cake.

Apologies for not penning down my own thoughts but wanted to get this out to you guys soon. Opinion to follow later.