Sorry for the stupid questions, I really know very little about crypto. With that said,
> Gensler firmly maintains that the vast majority of crypto assets are securities, with the exception of Bitcoin
Why? From an article on Reuters[1],
> Bitcoin is not considered a security because its anonymous and open-source origins mean investor profits are not dependent on the efforts of developers or managers, said Carol Goforth, a law professor at the University of Arkansas.
How is this different from, say, Ethereum? What about when changes to the Bitcoin network are done (either directly e.g. bug fixes or indirectly such as hard forking), does this not count as "efforts of developers or managers?"
^1: https://www.reuters.com/business/finance/what-makes-crypto-a...
> Gensler firmly maintains that the vast majority of crypto assets are securities, with the exception of Bitcoin
Why? From an article on Reuters[1],
> Bitcoin is not considered a security because its anonymous and open-source origins mean investor profits are not dependent on the efforts of developers or managers, said Carol Goforth, a law professor at the University of Arkansas.
How is this different from, say, Ethereum? What about when changes to the Bitcoin network are done (either directly e.g. bug fixes or indirectly such as hard forking), does this not count as "efforts of developers or managers?"
^1: https://www.reuters.com/business/finance/what-makes-crypto-a...