In my view, and under the current laws, it is a security as the major use case is ERC20 tokens. However whichever way the SEC rules the only people who will be really happy are the lawyers.What is really required is for the SEC to define a new asset class for crypto.
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Your call my man! I'm still holding onto all of my ETH with no intention to sell 🙂
I am not saying ETH is a bad coin or that people holding ETH should necessary sell but what I am saying is that under current regulation I think ETH looks more like a security than a utility.
This is all a bit farcical as crypto does not fit into any of the classical asset class models. Consequently if the SEC say ETH is indeed a security that punches a big hole in the whole ERC20 eco-system due to the increased regulation and scrutiny that will result. That is why IMHO the SEC should adopt a "Wyoming" type law that clearly defines exactly what a utility token is instead of using outdated regulations, that are not fit for purpose, to classify crypto.