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It's semantics. Of course eth is a security using the Howey test, but that doesn't matter.
If the SEC doesn't want eth to be a security, it's not a security. They make the rules. Eth can be controlled and co-opted by centralized validators. All you need is lots of fiat. Those validators might eventually be the US and its big banks.
Yeah, PoS is aligned with fiat shenanigans.
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