Regulatory Fog Remains as SEC Chief Doesn't Mention Ethereum as a Commodity, Does Not Say Bitcoin is the Only One Either

cryptonews.com:

Ethereum (ETH) advocates have reacted after the United States Securities and Exchange Commission (SEC) Chairman Gary Gensler refrained from labeling the coin a commodity – and instead chose to name bitcoin (BTC) among the tokens the SEC chiefs before him deemed a non-security. He, however, contrary to many reports, did not single out bitcoin as 'the only' commodity. 

In an interview with CNBC’s Jim Cramer, Gensler stated:

“Some, like bitcoin – and that’s the only one, Jim, I’m going to say, because I’m not going to talk about any one of these tokens, my predecessors and others have said – they’re a commodity.”

Gensler stated that "bitcoin and hundreds of other tokens" are a part of a "highly speculative asset class." He further added that some “crypto financial assets have the key attributes of a security,” saying that in the case of many tokens, “the investing public is hoping for a return” on their stakes.

He argued that,

"Right now, you have hundreds, if not thousands, of these crypto tokens that have the basic attributes of raising money from the public, and having a group of entrepreneurs that you might have on your show, saying, 'Come hither, we've got a good idea for you'. And that's okay in America if you comply with the laws, and we've got, unfortunately, a lot of projects that are non-compliant."

ETH enthusiasts are hoping to win converts to their cause when the network finally undergoes the Merge that will see it become a proof-of-stake (PoS) protocol. The Merge could take place in August, and optimistic community members have hoped that moving away from a more energy-intensive mining protocol could help the coin’s reputation. 

But a fresh dose of regulatory uncertainty will come as a possible blow to ETH advocates.

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