CFTC Commissioner Christy Romero reaffirms that the Commodity Futures Trading Commission (CFTC) still considers Ethereum a commodity, even after the transition to Proof of Stake (PoS). CFTC Chairman Rostin Behnam said on Wednesday that the CFTC has asked the US Congress for cash authority over Bitcoin, as well as Ethereum.
CFTC Commissioner Christy Romero Says Ethereum Is a Commodity
Perianne Boring, Founder of the Digital Chamber of Commerce, asked CFTC Commissioner Christy Romero if Ethereum’s transition to proof-of-stake post-merger has any policy implications. Christy Romero reiterates the CFTC’s position that Ethereum is a commodity, even after transitioning to proof-of-stake (PoS).
“When we look at Ethereum and all these other products, we’re looking at what a commodity is. The CFTC has long taken the position that Ethereum is a commodity. The definition of a raw material is very, very broad. I still think Ethereum is a commodity, even with proof of stake.”
On Wednesday, CFTC Chairman Rostin Behnam said the regulator had asked the US Congress for permission to oversee spot markets. So that the CFTC can regulate Bitcoin, Ethereum and other digital currencies as commodities.
SEC Chairman Gary Gensler has considered Bitcoin and Ethereum to be commodities and agrees that their regulation falls under the CFTC. However, Gensler changed his position again, calling Ethereum “value” due to proof of stake. He believes that all cryptocurrencies based on proof of stake are securities according to the Howey test.
Rostin Behnam believes that digital currencies are a new asset class and the decision should be taken at the legislative level. The CFTC and SEC are trying to find a reasonable way out to create market certainty and protect consumers.
The SEC appears to be losing its lawsuit against Ripple
As the SEC and 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 the Hinman documents in this case. As a result, the price of XRP has jumped over 11% in the past 24 hours, with the price currently trading at $0.48.
Meanwhile, Ethereum price continues to trade in a range following the merger. ETH price is trading at $1,333, up nearly 1% in the past 24 hours.
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