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 Wednesday that the CFTC has asked the U.S. 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 whether Ethereum’s post-merger transition to proof-of-stake has policy implications. Christy Romero reiterates the CFTC’s position that Ethereum is a commodity, even after the transition to proof-of-stake (PoS).
“When we look at Ethereum and all of these other products, we are looking to see what a commodity is. The CFTC has long taken the position that Ethereum is a commodity. The definition of a commodity 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 U.S. Congress for permission to oversee cash 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 is the responsibility of the CFTC. However, Gensler has again changed his position, calling Ethereum “value” because of the proof of stake. He believes that all proof-of-stake based crypto-currencies are securities under the Howey test.
Rostin Behnam believes that digital currencies are a new asset class and that the decision should be made at the legislative level. The CFTC and SEC are trying to find a reasonable outcome to create certainty in the marketplace and protect consumers.
SEC Appears to Lose Case Against Ripple
While 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 has asked the SEC to turn over the Hinman documents in the case. As a result, the price of XRP has jumped more than 11% in the past 24 hours, with the price currently trading at $0.48.
Meanwhile, the Ethereum price continues to trade in a post-merger range. The ETH price is trading at $1,333, up nearly 1% over the past 24 hours.