SAN FRANCISCO — One of the U.S. Securities and Exchange Commission’s top enforcers Thursday laid out in detail his views on when an initial coin offering is a security under the law, giving new hints about the SEC’s approach amid an expansive investigation.

Here are three takeaways from SEC Division of Corporate Finance Director William Hinman’s remarks at the Yahoo Finance All Markets Summit in San Francisco:

1) Ether is not a security.

William Hinman. Photo: SEC

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