Abstract
Note this book’s recurrent use of the word cryptoasset rather than the more common cryptocurrency. This distinction is purposeful, as cryptoassets encompass many more assets than only those meant to be currencies.
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Notes
- 1.
Despite this formal definition suggesting decentralization as a core characteristic, some assets usually called cryptoassets do not include the decentralization feature (e.g., central-bank digital currencies and corporate cryptocurrencies). Also, many cryptoassets claim to be decentralized but are highly centralized in practice; more on that in Chapter 13.
- 2.
These subcategorizations are not covered by Burniske and Tatar.
- 3.
CoinDesk Indices uses the term “digital asset” rather than cryptoasset.
- 4.
Coming from the famous case of the US Supreme Court “Securities and Exchange Commission v. Howey Co., 328 U.S. 293 (1946)” [64].
- 5.
Defendants of the PoS consensus mechanism claim that their network (e.g., Ethereum), is not a “common enterprise” but a global platform used independently by users. This argumentation could keep open the question of whether PoS assets are securities after all.
- 6.
Other exceptions would mostly be some (not all) hard forks of Bitcoins.
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Jeegers, T. (2023). Cryptoasset Taxonomies. In: Understanding Crypto Fundamentals. Apress, Berkeley, CA. https://doi.org/10.1007/978-1-4842-9309-6_7
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DOI: https://doi.org/10.1007/978-1-4842-9309-6_7
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