Goldmoney Founder: Bitcoin Is An Enterprise And Users Are Akin To Its Shareholders
Unless you are very young, you probably remember the 2008 financial crisis. The last crisis that rocked the financial world and its consequences (the bank bailouts, for instance) were part of the reason why Bitcoin was created.
Back in 2008, a man who used the alias of Satoshi Nakamoto decided that a revolution was needed and Bitcoin was born. Fuelled by the lack of confidence in the institutions, Bitcoin rose from the depths of the internet to the mainstream and now it is the hottest financial asset of the world, some would say.
With fame, came the need for regulation. The governments would not simply allow everybody to use BTC without regulating it somehow, so the U. S. Securities and Exchange Commission (SEC) teamed up with the Commodity Futures Trading Commission (CFTC) in order to define that BTC was a commodity and that it should be taxed that way.
Obviously, not everybody agrees with this definition. Roy Sebag, the Goldmoney founder, is one of these people. He recently tweeted that Bitcoin was not a commodity but an enterprise instead. According to him, BTC was working its good and he compared the token holders with traditional shareholders of financial companies.
Because of this, he believes that BTC can be considered a security, not a commodity. The reason for that, he affirmed, is that miners are constantly issuing new tokens and they are the ones responsible for the governance of the system. The fact that they do not have any kind of formal relationship is irrelevant to him, but it has confused the regulators, in his opinion.
Sebag also affirmed that the miners had the role of “stewarding” the enterprise that Bitcoin is and that they get paid fees for their work. Because of this, BTC is akin to an enterprise and the miners work there, as the token holders are shareholders who have a common interest in seeing the prices going up.
He affirmed that all tokens are traded at exchanges, which makes it clear that they are designed for price appreciation.
Because of this, Sebag believes that the U. S. government could shut BTC down like they did with some other file sharing big players. BTC would be a security and, therefore, it would be acting illegally this way, according to the Act 34 of the SEC.
Obviously, he enraged the crypto community with his remarks. The CTO of Casa, Jameson Lopp, refused to agree with Sebag and affirmed that he may believe whatever he wants, but he is not participating in the ecosystem, so his opinion is pretty much irrelevant to the consensus formation.
Other people have also responded negatively to his allegations, which is to be expected since he is affirming that BTC is illegal.
The truth is that we are far from having a consensus about BTC, so this kind of discussion will keep happening for a long time.