Do you think Gary Gensler and the SEC will eventually class Ethereum as a security?

In a recent interview Gary Gensler hinted that he believes Ethereum could be classified as a security.

This is obviously far from ACTUALLY classing Ethereum as a security.

We know that the FatF (Financial Action Task Force) and the IMF (International Monetary Fund) have an infamously anti crypto stance.

But if the unexpected does happen, and if Ethereum is classed as a security, what do you think that would mean for the wider crypto market?

What would it mean for Bitcoin?

Naturally I expect huge amounts of volatility – but the key question for me is what would institutional investors do? They have their fat fingers in cryptocurrencies – would they be deterred if crypto is classed as a security?

Given everything that’s going on (FTX, Luna, staking, etc) the next cycle is going to be an interesting one.