The reason he won't answer the question is because it's complicated. On one hand, yes, Ethereum is obviously a security, it raised money from investors to make

The reason he won't answer the question is because it's complicated. On one hand, yes, Ethereum is obviously a security, it raised money from investors to make a thing, and investors expected to get rich off it. On the other hand, Ethereum is currently regulated as a commodity by the CFTC. If he says Ethereum is a security, then there's a political mess. If he says Ethereum is a commodity, then it breaks down the SEC's case for all the crypto projects out there that's basically stock IPOs but with a thin crypto layer on top. I would not impute his credentials, he was a partner at Goldman Sachs and was chair of CFTC under Obama. He was involved in crafting a great deal of policy after 08 around the new regulations for financial institutions. He's not stupid, he's clearly a better person for the job than most of the people here on HN.