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Ethereum's New ‘Staking’ Model Does Not Make ETH A Security - Paradigm
https://www.paradigm.xyz/2022/10/ethereums-new-staking-model-does-not-make-eth-a-security
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Ethereum’s adoption of a proof-of-stake consensus mechanism does not make ETH (or even staked ETH) an investment contract, and such a finding would result in a nonsensical application of securities laws.
