U.S. Securities and Exchange Commission Chairman Gary Gensler did not clarify whether his agency considers Ether a security as the SEC reviews multiple applications for Ethereum spot exchange-traded funds (ETFs).

Gensler emphasized the speculative nature of cryptocurrencies and advised investors to exercise caution given the market’s volatility, in a recent interview with Bloomberg.

The SEC’s stance on Ethereum is under scrutiny as it processes applications for U.S. spot Ethereum ETFs. The SEC’s decisions for VanEck and Ark Invest’s applications are set for May 23.