For CoinDesk's State of Crypto Week, presented by Chainalysis, Daniel Davis, former CFTC general counsel and a current partner at Katten Muchin Rosenman LLP, discusses why the U.S. Securities and Exchange Commission (SEC) is not willing to "publicly assert that ether is a security right now."
Ether, futures have been trading on CFTC regulated exchanges for several years now. And so, if the SEC thought that that product was instead, you know, a security based product, that either was a security, you, you would expect the SEC to make some noise about those particular products trading on, um, on CFTC regulated exchanges. And the fact that the SEC hasn't done that, the fact that the SEC when they brought enforcement actions against platforms like Coinbase and Binance listed a number of digital assets that they thought were securities and Ether was not on that list. All of that strongly suggests that the SEC is not willing to go out there and publicly assert that Ether is a security right now, which certainly seems to make it a commodity.