Regulators Duke It Out Ahead of Ethereum’s Shanghai Upgrade

Ethereum, the world’s most used blockchain, is days away from a pivotal upgrade that could lure billions of dollars into its native token. But the software update is already generating scrutiny from Wall Street regulators.

Ether has attracted the attention of US Securities and Exchange Commission Chair Gary Gensler, who says that cryptocurrencies like it ought to be regulated as securities. That’s an opposing stance to Commodity Futures Trading Commission Chair Rostin Behnam, who insists that Ether’s a commodity. Ethereum’s software upgrade next week has only raised the stakes in that debate.

That’s because the April 12 update, ...