Our federal securities laws are built around a fundamental premise – that behind every security, there lies an issuer. Because crypto assets like ETH, AVAX, ADA, DOGE and SOL do not create a legal relationship with any entity, the first task would be to determine which legal entity to treat as the “issuer.” The first place to look would be to the entity that deployed the smart contracts that initiated the network. However, as this is a purely administrative task it is often delegated to an inconsequential company or trust that is frequently dissolved after this one task has been completed.
Unpacking the Complexity of Crypto Assets: Are They Securities or Not?
