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Earlier this week, Jake Chervinsky, Executive Vice President and Head of Policy at Blockchain Association, Advisor at Variant Fund, and Board Member at DeFi Education Fund — along with Rodrigo Seira and Amy Aixi Zhang, who are Crypto Counsel and Policy Counsel at Paradigm, dismissed the notion that “staking somehow makes ETH a security.”
On 15 September 2022, the day that Ethereum completed its Merge upgrade, i.e. its transition from proof-of-work (PoW) to proof-of-stake (PoS), Michael Saylor, Co-Founder and Executive Chairman of business intelligence software company MicroStrategy Inc. (NASDAQ: MSTR), implied that $ETH could get classified as a security (rather than a commodity) by the U.S. Securities and Exchange Commission (SEC).
After Ethereum’s Merge upgrade was completed in the early hours of September 15, several influential Bitcoin maxis expressed their reaction to this event.
Saylor, who is a Bitcoin maxi (i.e. believes that — with the exception of fiat-backed stablecoins such as Tether ($USDT) — Bitcoin is the only legitimate cryptocurrency), sent out a tweet in response to comments by SEC Chair Gary Gensler’s most recent comment on PoS cryptocurrencies that suggested he expects the SEC to eventually declare that $ETH is a security (unlike $BTC which they have publicly called a commodity and therefore not subject to U.S. securities laws).
The Wall Street Journal (WSJ) report that Saylor was referring to in his tweet says that “Ethereum’s big software update on Thursday may have turned the second-largest cryptocurrency into a security” in the eyes of the SEC. According to the WSJ report, although Gensler did not specifically mention Ethereum, he said yesterday that the native assets of PoS blockchains could pass the How
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