The Securities and Exchange Commission Chairman Jay Clayton has endorsed remarks made by colleague, William Hinman, who declared cryptocurrency Ether not a security, a move that is sure to put owners of the second-largest digital currency at ease.

The confirmation came in a letter dated March 7 to Rep. Ted Budd, who along with Coin Center, a nonprofit research and advocacy center focused on cryptocurrency, had asked Clayton for clarification on Hinman’s comments made last year.

“I agree with Director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract if, for example, purchasers would no longer…

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