A Commodity Futures Trading Commission official Monday publicly urged the Securities and Exchange Commission to determine quickly whether cryptocurrency ether (ETH) should be classified as a security, The Wall Street Journal and Bloomberg report.
Brian Quintenz, a Republican CFTC commissioner, was speaking at the Consensus cryptocurrency conference in New York.
The CFTC and SEC have been discussing whether ether is a security. If so, it would be subject to SEC regulation. Quintenz has not participated directly in those discussions.
Since The Wall Street Journal reported earlier this month that ethereum’s 2014 initial coin offering is under federal regulatory scrutiny as a possible “illegal securities sale,” investors have been looking intently to the SEC and CFTC to either make a decision or provide guidance on the cryptocurrency’s status.
Quintenz told reporters that there are “a lot of big issues to sort out,” according to Bloomberg. “We’re sorting them out, but I don’t have a timeline. I wouldn’t say days, but I wouldn’t say months.”
If the SEC classifies ethereum as a security, it could send the cryptocurrency’s price tumbling.