Main navigation

Nouriel Roubini Slams Ethereum (ETH) Whales, Supports SEC's Gensler on Crypto Securities Debate

Thu, 03/30/2023 - 14:23
article image
Alex Dovbnya
Economist Nouriel Roubini recently blasted Ethereum (ETH) whales and supported SEC Chair Gary Gensler's ambiguous position on classifying Ethereum as security
Nouriel Roubini Slams Ethereum (ETH) Whales, Supports SEC's Gensler on Crypto Securities Debate
Cover image via
Read U.TODAY on
Google News

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.

Shibarium Hits Fresh Milestone in Utility, Here It Is
In a recent SEC meeting, Gensler implied that proof-of-stake (PoS) tokens like Ethereum should be regulated as securities, sparking a clash with the view of Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam.

The 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.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at