Not a Security: Dash Defends Itself as a Payment Technology

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Not a Security: Dash Defends Itself as a Payment Technology
  • Payments tech platform Dash has recently tweeted about SEC suing Bittrex for alleged illegal securities sale.
  • Since Dash is one of the assets listed on the exchange, it came out to defend itself.
  • The platform stated that they are a payment technology and not a security.

The US Securities and Exchange Commission (SEC) has recently sued Bittrex for violating federal laws and for the alleged sale of illegal securities. Payments technology platform Dash was one of the assets listed on the exchange. The Dash team then took to their Twitter account to address the allegations and clarify some things.

Dash mentioned that there is no reasonable interpretation that would call it security. The team quoted the Howey Test, which describes what is considered a security by the US. They also stressed that none of this applies to Dash.

Moreover, the Dash team continued to clarify the allegations by mentioning that there is no reasonable expectation of profits with Dash. Also, Dash stated that it is a payment technology and that no one gets paid for holding Dash.

Notably, Dash stated: “There is no group promising ‘efforts of others’ to improve Dash even. The DAO, which is all Dash holders, chooses each month what to fund.”

Dash also continued to speak about a couple of dubious claims by the SEC. The SEC had stated that “Dash Control Group” receives the majority of funds. Dash clarified that it is false and that the Dash CORE group didn’t even exist until 2017.

The Dash team elaborated in the tweet that US regulatory uncertainty is extremely high at the moment. The SEC also mentioned that Ethereum was not considered a security, and now they are reconsidering.

Dash also mentioned that they will happily provide the people with the best tools available because peer-to-peer digital cash is not a crime.