2023-04-20 17:11:14
© Reuters Ethereum (ETH) Could Be Considered A Security, Suggests SEC Chairman
US Securities and Exchange Commission (SEC) Chairman Gary Gensler testified Tuesday before the House Financial Services Committee.
During the hearing, the chairman of the committee, Congressman Patrick McHenry (R-NC), asked the head of the SEC whether Ether () is a commodity or a security.
McHenry explained that in 2018, Bill Hinman, who was the director of the SEC’s Division of Corporate Finance at the time, stated that ether was not a security.
Last month, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam expressed his opinion that ether is a commodity, he continued, adding that the New York state attorney general asserted in a court filing last month past that ether is a bond.
“Clearly, an asset cannot be both a commodity and a security, agree?” the legislator asked Gensler.
The SEC chief responded:
“Actually, all securities are commodities under the Commodities and Exchange Act. They are excluded commodities, but I agree that a title cannot also be an excluded commodity and an included commodity.”
“How do you categorize ether then?” McHenry asked Gensler.
Gensler insisted that he would not specifically discuss the regulatory status of any tokens. However, Gensler has previously stated that money is definitely a commodity. Therefore, his reluctance to comment on the token indicates that there is no clarity on the token’s regulatory status.
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