JDASC Reorganizes to Promote Digital Asset Securities Initiative

JDASC has reorganized to promote efforts for digital assets such crypto currencies, including Bitcoin and Ethereum to be classified by the SEC as investment securities.

NEWPORT BEACH, Calif., April 17, 2024 /PRNewswire-PRWeb/ -- JDASC stated today after completing a 6-month comprehensive re-examination of the functionality, interoperability, and compatibility standards in the digital asset industry, it is no longer feasible to attempt unifying competing blockchain organizations. JDASC has reorganized from "Joint Digital Asset Standards Council" to "Joint Digital Asset Securities Council." The new primary focus of JDASC is to have crypto currencies, including Bitcoin and Ether classified as securities by the SEC.

JDASC further stated that both Bitcoin and Ether are now functioning as unregulated securities and must be classified as securities by the SEC to provide maximum financial protection to investors. By functioning as unregulated securities, Bitcoin ETF investment platform CEOs are allowed to encourage investors by falsely the Bitcoin scarcity value proposition on national tv. The statement "No more than 21,000,000 can ever exist" is a complete lie. On page 22, in the Blackrock ETF proposal to the SEC in the "Risks" section it states"

Blackrock: "Although many observers believe this is unlikely at present, there is no guarantee that the current 21 million supply cap for outstanding bitcoin, which is estimated to be reached by approximately the year 2140, will not be changed. If a hard fork changing the 21 million supply cap is widely adopted, the limit on the supply of bitcoin could be lifted, which could have an adverse impact on the value of bitcoin and the value of the Shares."

JDASC continued by stating that both Ether and Bitcoin also now easily pass the Howey test, which requires both to be classified as securities by the SEC. Both crypto assets satisfy all four "prongs" of the Howey test: 1. "An investment of money" (fiat or crypto, a written investment contract is NOT required), 2. "In a common enterprise" (The Ethereum blockchain and Bitcoin blockchain each function as a horizontal virtual enterprise), 3. "With an expectation of profit" (Although originally "created" as P2P currency payment systems. Both Ether and Bitcoin now function 99% as speculative investments). 4. To be derived from the efforts of others (Ethereum blockchain developers, stakeholders, other crypto currencies and NFTS which utilize the Ethereum blockchain. Bitcoin miners Bitcoin Core developers and now, the spot Bitcoin EFT platforms).

JDASC supports CFTC (Commodity Futures Trading Commision) chair Rostin Behnam request for "Regulatory clarity for the crypto industry to ensure investors are appropriately protected." JDASC supports having all crypto currencies including Bitcoin and Ether classified as "Virtual digital asset securities" a new financial investment category identified and regulated by the SEC to replace the 1946 Howey test, instead of Bitcoin and Ether being classified the same as real-world commodities such as gold and corn.

Media Contact

John Reese, JDASC, 7702382085, [email protected]

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SOURCE JDASC