the SEC hasn't said those words but they used words that infer that they see it as one.
Discussion
The Chairman of the SEC has said on several occasions quite explicitly that ETH is a security. The Chairman of the CFTC too made a similar statement in December. This is public record.
Gary beats around the bush and says it without saying it explicitly. If I'm wrong, please show me a source where he says it? I'd like to have evidence to state this in the future. Thanks.