The CFTC declares Ether as a commodity again in court filing

The CFTC has once again named ether (ETH) as a commodity in a December 13 lawsuit — in contrast to President Rustin Behnam’s remarks on November 30 suggesting that bitcoin was the only cryptocurrency that should be considered a commodity.

According to the CFTC, as per its filing today, ETH is a commodity. This really should put any security designation to rest. pic.twitter.com/PkHWredNK4

– Hull Press (NorthRockLP) December 13, 2022

in that Lawsuit against Sam Bankman-FriedFTX, and sister company Alameda Research the organizer on multiple occasions Referred to to ether, bitcoin (BTC) and Tether (USDT) “among others” as “commodities” under US law.

“Certain digital assets are “commodities,” including bitcoin (BTC), ether (ETH), tether (USDT) and others, as defined in Section 1a(9) of the Code, 7 USC § 1a(9).

However, there seems to be some disagreement within the CFTC itself as to whether or not ether should be viewed as a commodity, at least in recent weeks.

During a crypto event at Princeton University on November 30, CFTC Chairman Rustin Benham suggested that Bitcoin is the only crypto asset that It must be seen as a commodity – A retraction from previous comments that asserted that ether could also be a commodity.

SEC Chairman Gary Gensler has also had an unspecified stance on Ether in recent months.

in an interview With Jim Cramer during the hosts’ Mad Money show on June 27, Gensler confirmed that Bitcoin was a commodity, adding: “That’s the only thing I’d say.”

Gensler previously suggested that ether was a security after its initial coin offering but has since become more decentralized and commoditized.

In September, his attitude seemed to change again after Ether moved to Proof of Stake (PoS)when he argued that The accumulated tokens may constitute securities under Howey’s test.

The designation of crypto assets in the US is particularly important, as commodity futures are regulated by the CFTC while securities such as bonds and stocks are regulated by the Securities and Exchange Commission (SEC).

Related: The judge orders the CFTC to serve the founders of Ooki DAO with a lawsuit

Crypto-skeptic Sen. Elizabeth Warren is said to be working on a bill that would give the SEC credit most regulatory authority In terms of the cryptocurrency industry, Intercontinental Exchange Inc CEO Jeffrey Sprecher is also confident that crypto assets will be treated like securities — indicating at the December 6 Financial Services Conference that this will lead to greater consumer protection.

Belgium took a different stance on the rating, as its Financial Services and Markets Authority confirmed in a November 22 report that bitcoin, ether and other crypto assets Issued only by computer code It does not constitute securities.