ny unaffiliated entities and individuals. As such, it is difficult to argue that Ether generates a profit based on efforts of a third party.</p>
<p>While the SEC has not formally ruled on the legal status of Ether, comments from regulators in 2018 suggest that they see a compelling case to argue against classifying Ether as a security.</p>
<h2 id="quotes-from-regulators">Quotes from regulators</h2>
<p>"And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the