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CFTC Commissioner Christy Romero reiterates that the Commodity Futures Trading Commission (CFTC) still views Ethereum as a commodity, even after its transition to proof-of-stake (PoS). CFTC Chairman Rostin Behnam said on Wednesday that the CFTC is seeking cash authorization from the US Congress over two major cryptocurrencies, Bitcoin and Ethereum. Here are the details…
CFTC official Christy Romero says ETH is a commodity
Perianne Boring, founder of the Digital Chamber of Commerce, asked CFTC Commissioner Christy Romero if there was any policy impact from Ethereum’s transition to proof-of-stake after the merger. Christy Romero reiterates the CFTC position that Ethereum is a commodity even after the proof-of-stake (PoS) transition. Romero uses the following expressions:
When we look at Ethereum and all other products, we want to see what is a commodity. The CFTC has long taken the position that Ethereum is a commodity. The definition of a commodity is very, very broad. I keep saying that Ethereum is a commodity, even if it is a proof-of-stake.
Benham shared the current stance for the biggest cryptocurrencies
In other news Wednesday, CFTC Chairman Rostin Behnam said the regulator has asked the US Congress for mandate to oversee cash markets. Thus, the CFTC can regulate Bitcoin, Ethereum and other cryptocurrencies as commodities. In a recent CNBC interview, Behnam reiterated the stance by other US regulatory agencies that Bitcoin is a commodity. However, he made statements that Ethereum is also a commodity that falls under the jurisdiction of the CFTC. Benham used the following statements:
We are a derivatives regulator. We do not monitor the cash markets. So what I’m asking Congress is authorization for us to enter the Bitcoin, ETH cash market, and review other digital commodity tokens.
In a previous interview, Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), suggested that the top altcoin Ethereum should enter SEC regulations as a security. When asked if there was an “environmental war” between the two agencies, Behnam said they worked cooperatively to achieve the best regulations.
Gary Gensler said that ETH could be a security after PoS
cryptocoin.com As we reported, SEC Chairman Gary Gensler saw Bitcoin and Ethereum as commodities and acknowledged that their regulations fall within the scope of the CFTC. However, Gensler once again changed his stance by calling Ethereum a “security” because of PoS. He believes that all PoS-based cryptocurrencies are securities under the Howey Test.
Behnam believes that cryptocurrencies are a new asset class and the decision should be taken legally. The CFTC and SEC are trying to find a reasonable outcome for individual investors in market certainty and consumer protection.
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