.SECGov Chairman Gary Gensler reiterated his view that proof-of-stake tokens like ether might be securities – and that “token operators” and intermediaries should “seek to come into compliance.” cheyenneligon reports
Speaking to reporters after a commission vote on Wednesday, Gensler said securities laws could be triggered because investors anticipate a return when they purchase tokens underpinned by a proof-of-stake consensus mechanism."Whatever they're promoting and putting into a protocol, and locking up their tokens in a protocol, a protocol that's often a small group of entrepreneurs and developers are developing, I would just suggest that each of these token operators ...
According to The Block, Gensler’s remarks came after reporters asked him for his thoughts on statements made by Rostin Behnam, chairman of the Commodity Futures Trading Commission , last week, arguing that ether is a commodity and should be regulated by his agency. The two regulators have long been at odds over which agency should take precedence in regulating the crypto markets. Gensler has said that bitcoin is a commodity but has been reluctant to relinquish control – or, at least, the possibility of future control – over any other cryptocurrency, including ether, and has claimed that the “vast majority” of the thousands of existing cryptocurrencies are securities.
Despite Gensler and Behnam’s public back-and-forth, the NYAG suit is the first time a regulator has claimed in court that ether is a security, albeit in a state court rather than a federal court.
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