Ethereum price (ETH/USD): Ethereum co-founder confident that token is “not a security”

The second-largest cryptocurrency on the market rebounds from yesterday lows

Ethereum price (ETH/USD): Ethereum co-founder confident that token is “not a security”

The Ethereum price (ETH/USD) has rebounded from yesterday lows following a strong afternoon session and a stable performance on Wednesday.

The second-largest cryptocurrency on the market finished yesterday’s trading at $673, slightly higher than its opening price of $670.46. The digital coin had fallen to a five-day low of $637.54 earlier in the session.

Ethereum maintained the positive momentum throughout most of today’s session, but it has seen a pullback in more recent trading. Having reached an intraday high of $685.83, the Ethereum price is currently hovering around $677, according to data from cryptocurrency tracker Coinmarketcap.

In other Ethereum news, Joseph Lubin, co-founder of the Ethereum Foundation, yesterday expressed confidence that the coin cannot be considered a security, online publication The Street has reported.

“We spent a tremendous amount of time with lawyers in the U.S. and in other countries, and are extremely comfortable that it is not a security; it never was a security,” Lubin said in response to a question from The Street at a tech conference in New Orleans.

His comments followed an earlier report by the Wall Street Journal, stating that both the US securities and commodities watchdogs are exploring whether the creators of digital currencies other than Bitcoin have significant influence over their value, “in the same way a company’s stock price depends on its managers and their strategy, performance and investments”. According to the Journal’s sources, some regulators think Ether occupies a “gray zone”, but believe its creation in 2014 was probably an illegal securities sale.

Lubin said yesterday that "we are absolutely unconcerned about the current discussions", adding that he and his co-founders had always considered ETH to be the fuel for the Ethereum platform and its growth.

In today’s trading, the Ethereum price stood at $676.99, as of 16:10 BST. The digital currency has gained nearly 4% in the past 24 hours.

For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.

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