U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler remains vague on whether Ethereum (ETH) is legally classified as a security. In a recent interview, Gensler redirected listeners to the Howey Test, a legal precedent for determining whether an asset is a security. The SEC's reluctance to clarify its stance on ETH has fueled confusion in the crypto market since 2018. Despite this uncertainty, the SEC has approved trading of CME Ether futures, implying that the asset is viewed as a commodity. The Commodity and Futures Trading Commission (CFTC) has also labeled ETH as a commodity for years. Gensler emphasized that the crypto market remains a "highly speculative asset class" and urged investors to be cautious.