Pro-Bitcoin Senator Lummis now considers ETH a security.
CFTC chairman Rostin Benham also believes, like Lummis, that ETH should no longer be considered a commodity.
Senator Lummis Changed His Attitude
Cynthia Lummis, known for her Bitcoin advocacy, has stated that she now sees ETH, the second largest cryptocurrency, as a security.
While discussing the measures regarding FTX, Lummis expressed his changing view on ETH.
“Given the way things are going right now, the only thing that can qualify as a commodity seems to be Bitcoin”
This statement of Lummis is different from the statement made last June. Following Senator Lummis Merge, he considers ETH to have securities-like properties.
According to the Howey test, a security is an asset issued by a central organization for the purpose of raising money. In this way, investors expect to make a profit by holding this asset based on the efforts of the organization.
Crypto advocates and regulators have long debated whether digital assets are securities or a separate asset class.
SEC Chairman Gensler, like Lummis, also thinks that ETH has more securities properties after the merger.
