ARE BITCOIN AND ETHEREUMSECURITIES, CENTRALIZED AND DECENTRALIZED FINANCE, AND CRYPTOCURRENCY FRAUD AT CELSIUS NETWORK, LLC

The aim of this paper is to examine whether Bitcoin, Ethereum, and other cryptocurrencies are securities. In this context, the paper the Securities Act of 1933, the Securities Exchange Act of 1934, and initial coin offerings. The piece then proceeds to review various issues with Bitcoin, Ethereum, and other cryptocurrencies, showing that cryptocurrencies are not similar to money because they are neither a store of value nor a unit of accounting, even though at times they are employed as a medium of exchange. The research proceeds to discuss centralized and decentralized finance, linking these to two notions to the Securities Acts of 1933 and 1934 respectively, as well as initial coin offerings. Finally, the paper discusses cryptocurrency fraud and how to possibly avoid it. Celsius Network LLC is employed as a case in point.