Congress Demands SEC Clarify Stance on Ethereum as Security Amid Crypto Platform Plans

Influential House Republicans demand SEC explain if ETH can legally be treated as a security by Prometheum crypto platform
48 members of Congress signed letter to SEC Chair Gensler over concerns that listing ETH as security could threaten crypto industry
Lawmakers slam Gensler's unwillingness to clarify if ETH is a security, saying it exacerbates confusion
If SEC allows Prometheum to custody and trade tokens as securities, it undermines argument that it's impossible for crypto firms to follow SEC rules
Congress argues that regulation by enforcement and allowing one participant to dictate digital asset regulation future is unacceptable