Right and I have no doubt he feels that way but there’s a lot of money behind the whole ecosystem and I have a feeling they may be able to change his opinion. For the record my opinion is it absolutely is a security and also a scourge. There are a couple of other “cryptos” out there that also may not be securities (maybe Litecoin and Monero) but I doubt they’re going to take a very nuanced view of this.
Discussion
There’s no opinion to change. He’s not in charge. He’s the chosen regulator.
His public statements are the telegraphing of administrative decisions as a result of FTX.
The great filter event is unfolding. Anything that is not sufficiently decentralized will be forced to register with the SEC. If you can put handcuffs on it, it will be forced to register.
The only thing that can make it through the great filter event are things that are actually decentralized.
So litecoin and Monero might make it, because they are PoW and there are people mining it in their homes. So they will be left to die slowly from market attrition like Dogecoin.
Eth, Sol, Xrp, are toast and anything built on top of them are captured.
Exchanges are the biggest indicator. Because they are most vulnerable to the SEC. This is why Brian Armstrong has his ass all in a pucker these days, because he already knew what is just coming to light now.
90% of shitcoins will be gone in a year from now. Eth will probably die a slow painful death.