Yes, it’s Ethereum he means, though Clayton’s comments don’t refer to it by its name. We know it’s Ethereum he was talking about because his comments were made in relation to those made earlier, by SEC Director of Corporation Finance William Hinman, who said that Ethereum does not exhibit the properties of a security back in June 2018.
Clayton’s comments were made in a written response to Congressman Ted Budd who, together with cryptocurrency sector advocacy group Coin Center asked the Chairman for clarification.
“That the analysis of whether a digital asset is offered or sold as a security is not static and does not strictly inherent to the instrument,” wrote Clayton.
“I agree with director Hinman’s explanation of how a digital asset transaction may no longer represent an investment contract if, for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial efforts. Under those circumstances, the digital asset may not represent an investment contract under the Howey framework,” he elaborated.