Tone Vays disagrees with people's interpretation of SEC's ETH statement

13 Mar, 2019 | Updated: 13 Mar, 2019
by Richard Allen
Update
Tone Vays disagrees with people's interpretation of SEC's ETH statement

News broke yesterday that SEC Chairman Jay Clayton confirmed a previous statement made by the agency regarding Ethereum not being considered a security. Anthony Pompliano tweeted the news shortly after it broke, but Tone Vays says people have it all wrong.

 Read more: SEC Chairman Jay Clayton confirms that Ethereum is not a security

In response to Pomp’s tweet, derivatives trader and analyst Tone Vays comments “NO, he didn’t say that” arguing that people are spreading lies and misinformation. @BakktstreetBoys counters by saying that Finman expressed in the SEC's eyes that ETH is not a security, which Clayton was agreeing with. Vays was having none of it, stating "NO. that is factually incorrect as well, why do you people spread lies and bullshit. He said 'in his personal opinion' not in SEC's eyes there is a giant F'n difference." 

It seems as if Vays may have a point, as the author of the original story, Jerry Brito replied saying that people have been misinterpreting the headline on his post.

According to Brito, people were seeing the article as confirmation that Jim Clayton explicitly stated that Ether is not a security. However, the article was actually stating that Clayton agreed with an earlier statement made by a colleague, not officially confirming it. Clayton’s colleague, William Hinman stated that, under the Howey framework, Ether isn’t considered a security.

As senior research fellow at Coincenter, James Foust clarified, Clayton was agreeing with Hinman’s explanation of how a digital asset transaction might not represent an investment contract.

This has become quite a debate on Twitter. Lawyer Stephen Palley explained that the article contained several nuances that many people didn’t pick up, resulting in the misinterpretation of the article.

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