What Happens if Ether is a Security?

“Technically the way that the draft reads, if you’re offering a platform to people where they can engage in these types of transactions, regardless of whether it’s a commodity or a security, New York is saying, ‘Hey, we think you might have to be a broker-dealer – either a securities broker-dealer, or commodities BD,’” Belton said. “If that’s right, this thing is much bigger than like, ‘Oh, hey, can the exchanges keep offering ether?’”