独家演讲全文 | SEC官员称比特币以太坊不是证券，提出6大判断标准
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Is it clear that the primary motivation for purchasing the digital asset is for personal use or consumption, as compared to investment? Have purchasers made representations as to their consumptive, as opposed to their investment, intent? Are the tokens available in increments that correlate with a consumptive versus investment intent? Are the tokens distributed in ways to meet users’ needs? For example, can the tokens be held or transferred only in amounts that correspond to a purchaser’s expected use? Are there built-in incentives that compel using the tokens promptly on the network, such as having the tokens degrade in value over time, or can the tokens be held for extended periods for investment? Is the asset marketed and distributed to potential users or the general public? Are the assets dispersed across a diverse user base or concentrated in the hands of a few that can exert influence over the application? Is the application fully functioning or in early stages of development? These are exciting legal times and I am pleased to be part of a process that can help promoters of this new technology and their counsel navigate and comply with the federal securities laws.
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