Armstrong on crypto assets classification

The Coinbase CEO also gave his thoughts on how regulators like the SEC and CFTC can determine if an asset is a security or commodity. He proposed a “modern-day Howey Test for cryptocurrency,” which would determine if an asset should be considered a security.Financial regulators in the U.S. have faced criticism from crypto stakeholders over their failure to provide regulatory clarity on token classification. The CFTC recently declared that Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) could be classified as commodities.“Congress should also require the CFTC and SEC to clearly publish their categorization of the top 100 crypto assets by market cap within 90 days of the above legislation being enacted, declaring whether each asset is a commodity, security, or “other” (such as a stablecoin)