SEC chairman Gary Gensler hit the media headlines by avoiding directly answering whether or not he thinks Ethereum’s native cryptocurrency is a security. Instead, he took the opportunity to reiterate his pitch for a more comprehensive regulatory environment for the crypto sector.
Gensler Fails to Clarify Ether’s Stance
Gensler not answering the question on Ethereum’s regulatory status highlights the significance of the issue. As an MIT professor in 2018, he had noted that Ether should be considered as security since it saw the light of day through an ICO.
“I think Ether when it was done in 2014, would pass this [Howey] test. When I say ‘pass,’ it means it’s a security,” he said around that time.
Failing to confirm his earlier stand on the world’s second-largest digital currency is not the only thing amiss in this situation. Gensler’s reply could have brought substantial clarity on whether it has a uniform view on crypto assets.
Gary Gensler. Source: Forbes
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