In an interview, a representative from Consensys, the developer of the MetaMask wallet, outlined four reasons why Ethereum is not considered a security:

1. Historical SEC Position: In 2018, the former director of the SEC's Division of Corporate Finance stated that Ethereum is not considered a security.

2. CFTC Lawsuit Against KuCoin: In this lawsuit, the regulator classified Ethereum as a commodity.

3. Decentralization: Ethereum's decentralized nature distinguishes it from typical securities, which are usually managed by a central authority.

4. Proof-of-Stake Transition: The transition from a Proof-of-Work to a Proof-of-Stake consensus mechanism serves as evidence that the asset is not a security.