Ball is now in Gary Gensler's court
, Consensys founder Joseph Lubin made a bold statement affirming that Ethereum , the native cryptocurrency of the Ethereum network, should be classified as a commodity.
Lubin referenced past statements by regulatory bodies, including the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission , as supportive evidence for his stance. Despite this, Gary Gensler, the chairman of the SEC, has not yet explicitly acknowledged Ether as a commodity, even though he has recognized Bitcoin as such.
In the interview, Lubin highlighted former SEC official Bill Hinman's speech in 2018, which he described as having effectively declared Ether not a security. The Ethereum co-founder pointed out that 18 of Hinman's colleagues collaborated on the speech, indicating a consensus within the SEC at the time. However, he admitted there might still be a few regulators who have yet to concede that Ether is not a security, although he did not see it as a significant issue.Lubin also reflected on the progress within the cryptocurrency industry over the past year.
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