Bitcoin is the only coin the SEC Chair will call a commodity
Bitcoin has less foundation- or team-based leadership that have plagued other crypto projects. This leadership (eg Ethereum foundation) gives crypto projects the air of legitimacy, but also the impression, as Hinman put it, that some managerial work and direction is expected, tipping the scale towards security. If the network becomes decentralized to the point where no one party has sway over its direction (even a good one eg the move to proof of stake), only then can you consider it a commodity, at least in Hinman’s view.Not only does this make sense but it also further speaks to the strength of the bitcoin project, specifically Satoshi’s decision to not be a public figure/BDFL. I doubt this security-commodity issue factored in specifically, but it was really a brilliant and largely unprecedented move that aligns with bitcoin’s political philosophy as well: no leaders.