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You are incorrect. Deposits in banks are securities, I suggest you read this section titled "Every security that is issued must be held by someone until it is retired" here: https://www.hussmanfunds.com/comment/mc210614/ Copyright doesn't cover the computer reference machine code number, it covers actual intellectual content. Just like it is not settled whether Ethereum or Bitcoin is a security- thoughts on this can…
We're talking about the law, not some guy's blog. If you believe that bank accounts and Bitcoin are securities under the law, then you are incorrect. It doesn't matter whether some guy calls bank accounts securities on his blog. That doesn't change the law. Saying the law could change is literally always true, it means nothing. Will it change? You could make an argument for Ethereum, and I tend to agree that the comm…
Bank deposits are financial assets- which gets its value from a contractual right or ownership claim.
When you deposit money in a bank, they lend that money out, they make a return, and in a sane world you would receive interest on that money.
Using this definition of a financial asset, I don't think bitcoin qualifies, it is more of an intangible. It might be a financial asset only if it is held at a custodian.
Congress and the courts decide what a security is, not the SEC. The SEC is the enforcement agency from what I can tell.