CFTC Commissioner Christy Romero reiterates that the Commodity Futures Trading Commission (CFTC) nonetheless considers Ethereum as a commodity even after the proof-of-stake (PoS) transition. CFTC Chair Rostin Behnam on Wednesday stated the CFTC has been asking the U.S. Congress for money authority over Bitcoin, in addition to Ethereum.
CFTC Commissioner Christy Romero Claims Ethereum Is a Commodity
Perianne Boring, the founding father of the Chamber of Digital Commerce, asked CFTC Commissioner Christy Romero if Ethereum’s transition to proof-of-stake after the Merge has any coverage implications. Christy Romero reiterates the CFTC place 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 supervise money markets. So that the CFTC can regulate Bitcoin, Ethereum, and different digital currencies as commodities.
SEC Chair Gary Gensler considered Bitcoin and Ethereum as commodities and agrees that their regulation falls beneath the CFTC. However, Gensler once more modified his stance by calling Ethereum a “security” attributable to proof-of-stake. He believes all PoS-primarily based cryptocurrencies are securities beneath the Howey Test.
Behnam believes digital currencies are a brand new asset class and the choice have to be taken legislatively. The CFTC and the SEC are looking for out an inexpensive consequence to create certainty out there and client safety for retail buyers.
SEC Seems to Lose Lawsuit Against Ripple
While the SEC and the CFTC resolve whether or not Ethereum and different digital currencies are securities or commodities, Ripple now has the higher hand within the lawsuit towards the SEC. Judge Analisa Torres asked the SEC to show over Hinman paperwork within the case. As a consequence, the XRP worth has jumped over 11% within the final 24 hours, worth is at present buying and selling at $0.48.
Meanwhile, the Ethereum worth continues to trade in a range after the Merge. The ETH worth is buying and selling at $1,333, up almost 1% prior to now 24 hours.
