 present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions. ... Over time, there may be other sufficiently decentralized networks and systems where regulating the tokens or coins that function on them as securities may not be required. And of course there will continue to be systems that rely on central actors whose efforts are a key to the success of the enterprise. In those cases, application of the securities laws prote