Ethereum co-founder Joseph Lubin hit back at regulators who claim Ether is a security, comparing it to oil which he says is a commodity. Ether is different from bitcoin in that it fuels an ecosystem of applications where users can make trades, loans, or buy nonfungible tokens. The U.S. Securities and Exchange Commission has stepped up its enforcement of the crypto industry in recent months, claming some projects and exchanges have offered unregistered securities.

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