In the SEC’s push to rein in the crypto sector, one question looms large: Is ETH a security? Dan Berkovitz, a former CFTC commissioner and SEC general counsel, and Colin Lloyd, a partner at law firm Sullivan & Cromwell, assess the current state of the regulatory turf war in the U.S., shedding light on some of Washington’s unanswered questions. Listen to the episode on <a href="https://podcasts.apple.com/us/podcast/unchained/id1123922160">Apple Podcasts</a>,<a href="https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf"> Spotify</a>,<a href="https://overcast.fm/itunes1123922160/unchained"> Overcast</a>,<a href="https://podcastaddict.com/podcast/4129535"> Podcast Addict</a>,<a href="https://pca.st/podcast/bb16e6b0-1469-0134-a447-13e6b3913b15"> Pocket Casts</a>,<a href="https://www.stitcher.com/podcast/forbes-podcast-network/unchained-big-ideas-from-the-worlds-of-blockchain-and-fintech"> Stitcher</a>,<a href="https://castbox.fm/channel/Unchained-id1370321"> Castbox</a>,<a href="https://www.google.com/podcasts?feed=aHR0cDovL3VuY2hhaW5lZC5saWJzeW4uY29tL3VuY2hhaW5lZA%3D%3D"> Google Podcasts</a>, <a href="https://tunein.com/podcasts/Business-News/Unchained-Big-Ideas-From-The-Worlds-Of-Blockchain-p887100/">TuneIn</a><a href="https://music.amazon.com/podcasts/f5ec630d-4dfa-4e73-baca-3f5062927c55/unchained?refMarker=null">, Amazon Music</a>, or on your favorite podcast platform.Show highlights:<ul>
<li>how an asset can be both a commodity and a security</li>
<li>what it means that bitcoin and ether were listed as non-security futures</li>
<li>whether The Merge may have changed regulators’ views on the classification of ETH</li>
<li>who would be responsible for determining that ETH is a security</li>
<li>what Colin and Dan say about ETH being a security or not</li>
<li>what would happen if any regulator, be it the CFTC or SEC, determined that ETH is a security</li>
<li>how and whether DeFi applications should be regulated</li>
<li>why it is important to consider the “human initiative” behind DeFi platforms</li>
<li>the implications of having a technology that allows for the sale of securities without an intermediary</li>
<li>the implications of the SEC’s proposal to change the definition of an exchange</li>
<li>how new technologies were integrated with the regulatory system in the past and how that differs from the current approach of the SEC</li>
<li>the problems of trying to regulate a technology that’s changing so fast</li>
<li>how other jurisdictions have been taking a more proactive approach to regulating digital assets</li>
</ul><h3>Thank you to our sponsors!</h3><ul><li><a href="https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021">Crypto.com</a></li></ul><h3>Guests:</h3><ul>
<li>
<a href="https://www.linkedin.com/in/danmberkovitz">Dan Berkovitz</a>, former General Counsel at the SEC and former Commissioner at the CFTC.</li>
<li class="ql-indent-1">Previous appearance on Unchained: <a href="https://unchainedpodcast.com/can-a-defi-smart-contract-be-regulated-two-cftc-commissioners-discuss/">Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss</a>
</li>
<li class="ql-indent-1"></li>
<li>
<a href="https://www.sullcrom.com/lawyers/colin-d-lloyd">Colin Lloyd</a>, partner at Sullivan & Cromwell</li>
</ul><h3>Previous coverage of Unchained on crypto regulation: </h3><ul>
<li><a href="https://unchainedcrypto.com/is-eth-a-security-why-gary-gensler-couldnt-give-congress-a-straight-answer/">‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer</a></li>
<li><a href="https://unchainedcrypto.com/coinbases-legal-action-against-the-sec-how-it-will-likely-unfold/">Coinbase's Legal Action Against the SEC: How It Will Likely Unfold</a></li>
<li><a href="https://unchainedcrypto.com/rep-emmer-on-why-he-believes-gary-gensler-is-a-bad-faith-regulator/">Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’</a></li>
<li><a href="https://unchainedcrypto.com/is-the-government-trying-to-kill-off-crypto-in-the-us/">Is the Government Trying to Kill Off Crypto in the US?</a></li>
<li><a href="https://unchainedcrypto.com/coinbases-top-lawyer-calls-sec-wells-notice-a-massive-overreach/">Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’</a></li>
</ul><h3>Links</h3><ul>
<li>
CoinDesk: </li>
<li class="ql-indent-1"><a href="https://www.coindesk.com/policy/2023/04/14/us-sec-poised-to-move-toward-defi-oversight-as-it-reopens-proposed-regulations/">U.S. SEC Moves Toward DeFi Oversight as It Reopens Proposed Regulations</a></li>
<li class="ql-indent-1"><a href="https://www.coindesk.com/policy/2023/04/19/sec-chair-gensler-declines-to-say-if-ether-is-a-security-in-contentious-congressional-hearing/">SEC Chair Gensler Declines to Say if Ether Is a Security in Contentious Congressional Hearing</a></li>
<li>
Bloomberg: <a href="https://www.bloomberg.com/news/articles/2023-05-18/transcript-cftc-chair-rostin-behnam-on-the-fight-to-regulate-crypto?sref=m9L277rN">CFTC Chair Rostin Behnam on the Fight to Regulate Crypto</a>
</li>
<li>Unchained: </li>
<li class="ql-indent-1"><a href="https://unchainedcrypto.com/sec-chair-gary-gensler-avoids-question-is-ethereum-a-security/">SEC Chair Gary Gensler Avoids Question: ‘Is Ethereum a Security?’</a></li>
<li class="ql-indent-1"><a href="https://unchainedcrypto.com/sec-sues-bittrex-names-dash-algorand-and-other-tokens-crypto-asset-securities/">SEC Sues Bittrex, Names Dash, Algorand and Other Tokens ‘Crypto Asset Securities’</a></li>
<li class="ql-indent-1"><a href="https://unchainedcrypto.com/coinbase-seeks-to-compel-sec-response-to-rulemaking-petition/">Coinbase Seeks to Compel SEC Response to Rulemaking Petition</a></li>
<li class="ql-indent-1"><a href="https://unchainedcrypto.com/sec-asks-court-to-deny-coinbase-demand-for-crypto-rules/">SEC Asks Court to Deny Coinbase Demand for Crypto Rules</a></li>
<li><a href="https://financialinstitutions.bakermckenzie.com/2023/04/25/sec-proposal-targets-crypto-exchanges/">Financial Institutions Hub: SEC Proposal Targets Crypto Exchanges, Trading Platforms, and Brokers</a></li>
<li><a href="https://emmer.house.gov/2023/5/emmer-and-soto-introduce-bipartisan-bill-to-provide-regulatory-clarity-for-digital-assets">Emmer and Soto Introduce Bipartisan Bill to Provide Regulatory Clarity for Digital Assets</a></li>
</ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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