Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
Influential House Republicans are demanding answers from Gensler on how ETH could legally be treated as a security by Prometheum.
"We are faced with an alarming scenario in which a SPBD has announced that it intends to offer custodial services for ETH under a regime that does not permit such activity," the Republican chairmen of the House Financial Services and Agriculture committeesto SEC Chair Gary Gensler, also signed by 46 other members of Congress."This action, if allowed to proceed, could have irreparable consequences for the digital asset markets."to begin custody of ETH as a customer asset.
ETH has represented a tug-of-war between the SEC and the Commodity Futures Trading Commission, which has openly declared ETH to fit into its commodities jurisdiction, much like bitcoin does. While the SEC in earlier days seemed to agree, agency officials later suggested the decision on ETH isn't yet clear,that shifted Ethereum from a so-called proof-of-work consensus mechanism to a proof-of-stake one.
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