Daniel Kuhn is a deputy managing editor for Consensus Magazine. He owns minor amounts of BTC and ETH.
, the native token of the second-largest blockchain, Ethereum, as a security. The move would undoubtedly have severe repercussions for the entire crypto industry, including derailing plans for an spot ETH exchange-traded fund.
He has, however, launched lawsuits against a number of U.S.-based and international crypto exchanges including Coinbase, Kraken and Binance on the grounds that they were selling securities to U.S. investors without the appropriate registrations. These include assets like Cardano’s, a point that strikes crypto attorney Ignacio Ferrer-Bonsoms as contradictory.
Brian Frye, the Spears-Gilbert Professor of Law at the University of Kentucky, said the best reason against classifying ETH as a security “is that ETH looks more like BTC than any other token.” He added that “the SEC has repeatedly said it considers BTC a commodity, rather than a security, I think primarily because of the lack of centralized control.”
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