SEC Chairman Warns Ethereum Update Could Classify ETH as a Security

Since Ethereum has transitioned to Proof-of-Stake, the SEC is watching closely to see if the cryptocurrency should be reclassified. Following the recent long-awaited update to the Ethereum network – which saw the network move from proof-of-work to proof-of-stake – SEC Chairman Gary Gensler spoke out about the change, hinting that it might be enough to push Ethereum out of its current legislative bracket and into that of securities. Addressing the Senate Banking Committee, which oversees his institution, SEC Chairman Gary Gensler indicated that staking may be officially considered an investment.