that Ethereum might fall under the classification of a security. He believes that cryptocurrencies, excluding Bitcoin, are securities since entrepreneurs utilize diverse methods to endorse their tokens and attract investors. This view contradicts with the view of the head of the SEC's sister regulatory agency.
Unlike proof-of-work , which relies on computational power and energy consumption to solve complex mathematical problems, PoS relies on the amount of cryptocurrency held by participants in order to determine their chances of creating a new block and validating transactions. There are still heated debates about whether or not Ether can be considered a security after the second most popular blockchain network transitioned away from proof-of-work last year.
Crypto firms aim to avoid being regulated as securities due to stringent requirements that come with that label. However, regulatory scrutiny is increasing.New York Attorney Genera Letitia James slammed cryptocurrency exchange KuCoin with a lawsuit earlier this month for allegedly selling unregistered securities. In the lawsuit, James suggested that the Bitcoin competitor is an unregistered security since it was generally treated as a commodity.
Gensler declined to comment on any specific token after repeatedly refusing to mention Ethereum in the past.
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