Prominent critic Nouriel Roubini recently criticized Ethereum (ETH) whales, echoing the ambiguous stance of Securities and Exchange Commission (SEC) Chair Gary Gensler on the possible classification of Ethereum as a security.
In a tweet, Roubini argued that Ethereum is a security despite the self-serving claims made by ETH billionaires, labeling their views as "totally laughable."
As reported by U.Today, Gensler, navigating the uncharted waters of cryptocurrencies, suggested in a recent interview with New York Magazine that Ethereum could be classified as a security.
Gensler explained that cryptocurrencies other than Bitcoin are often created by a group of entrepreneurs who seek to profit based on the efforts of intermediaries.
Classifying a cryptocurrency as a security would tether it to increased regulatory scrutiny and compliance requirements.
Tomiwabold OlajideThe CFTC perceives Ethereum as a commodity, as evidenced by its recent legal tussle with Binance.
Roubini's backing of Gensler's stance on Ethereum's classification as a security underscores the ongoing tug-of-war surrounding the cryptocurrency's status. The future of the industry hangs in the balance as the industry continues to grapple with regulatory uncertainty.
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov