CFTC Commissioner – “Ethereum Is A Commodity, Even With Proof-of-Stake”
CFTC Commissioner Christy Romero reiterates that the Commodity Futures Trading Commission (CFTC) still considers Ethereum as a commodity even after the proof-of-stake (PoS) transition. CFTC Chair Rostin Behnam on Wednesday said the CFTC has been asking the U.S. Congress for cash authority over Bitcoin, as well as Ethereum.
CFTC Commissioner Christy Romero Claims Ethereum Is a Commodity
Perianne Boring, the founder of the Chamber of Digital Commerce, asked CFTC Commissioner Christy Romero if Ethereum’s transition to proof-of-stake after the Merge has any policy implications. Christy Romero reiterates the CFTC position that Ethereum is a commodity even after the proof-of-stake (PoS) transition.
“When we look at Ethereum and all these other products, we are looking to see what is a commodity. The CFTC has long taken the position that Ethereum is a commodity. The definition of commodity is very, very broad. I continue to take the position that Ethereum is a commodity, even with a proof-of-stake.”
On Wednesday, CFTC Chair Rostin Behnam said the regulator has been asking the U.S. Congress for the authority to oversee cash markets. So that the CFTC can regulate Bitcoin, Ethereum, and other digital currencies as commodities.
SEC Chair Gary Gensler considered Bitcoin and Ethereum as commodities and agrees that their regulation falls under the CFTC. However, Gensler again changed his stance by calling Ethereum a “security” due to proof-of-stake. He believes all PoS-based cryptocurrencies are securities under the Howey Test.
Behnam believes digital currencies are a new asset class and the decision must be taken legislatively. The CFTC and the SEC are trying to find out a reasonable outcome to create certainty in the market and consumer protection for retail investors.
SEC Seems to Lose Lawsuit Against Ripple
While the SEC and the CFTC decide whether Ethereum and other digital currencies are securities or commodities, Ripple now has the upper hand in the lawsuit against the SEC. Judge Analisa Torres asked the SEC to turn over Hinman documents in the case. As a result, the XRP price has jumped over 11% in the last 24 hours, price is currently trading at $0.48.
Meanwhile, the Ethereum price continues to trade in a range after the Merge. The ETH price is trading at $1,333, up nearly 1% in the past 24 hours.
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