Ethereum co-founder and ConsenSys founder Joseph Lubin has said that the US Securities and Exchange Commission (SEC) has already spoken.
The Commodities and Futures Trading Commission (CFTC), Lubin Said, viewed Ether as a Commodity
Ethereum co-founder and ConsenSys founder Joseph Lubin has said that the US Securities and Exchange Commission (SEC) has already spoken on whether Ether (ETH) should be treated as a security or commodity.
In an interview with CNBC, Lubin referred to former SEC commissioner Bill Hinman’s 2018 speech on crypto securities and Ethereum. However, new records show that Hinman was repeatedly forewarned by colleagues that the speech would confuse markets.
The Commodities and Futures Trading Commission (CFTC), Lubin said, viewed Ether as a commodity. The three most valuable assets, including Bitcoin, Ethereum and Tether, according to CFTC Chairman Rostin Benham, should be governed by his agency like commodities.
Gary Gensler, the current chairman of the SEC, has only publicly recognized Bitcoin as such and has refrained from declaring Ethereum to be either a security or a commodity. Legislation to clarify the situation is being drafted by Congressmen, including Cynthia Lummis and Kirsten Gillibrand, who have stated their agreement with the CFTC that Ether is a commodity alongside Bitcoin. According to Lubin, the regulatory decision that Ethereum is not a security is a "forgone conclusion."
