Predominantly, from my understanding, it’s because:
1. Bitcoin was classified as “currency” by Clayton.
2. It’s the closest to being decentralized so no “organization will benefit from the work of others”.
3. Growth of Bitcoin wasn’t initially speculative but as a use of currency, which is different from whatever token you fork as its goal would be for speculative trading, failing the Howey test.
1. Bitcoin was classified as “currency” by Clayton.
2. It’s the closest to being decentralized so no “organization will benefit from the work of others”.
3. Growth of Bitcoin wasn’t initially speculative but as a use of currency, which is different from whatever token you fork as its goal would be for speculative trading, failing the Howey test.