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Gungun Bhatia
Dec 14, 2022
by Gungun Bhatia

CFTC Proclaims Ether As Commodity Again in Court Filing

CFTC Ether Commodity

Table of contents

  1. CFTC Claimed Ether as Commodity Again
  2. Possibilities About Ether
In a court filing on December 13, the Commodity Futures Trading Commission (CFTC) declared Ether to once again be a commodity, in contradiction to remarks made by the agency's head Rostin Behnam on November 30 that Bitcoin was the only cryptocurrency that should be regarded as a commodity.

CFTC Claimed Ether as Commodity Again

The regulator referred to Ether, Bitcoin, and Tether (USDT), among several others, as commodity markets under American law many times in its case against Sam Bankman-Fried, FTX and sister business Alameda Research.

According to Section 1a(9) of the Act, 7 U.S.C. 1a(9), some digital assets constitute commodities, notably bitcoin (BTC), Ether (ETH), tether (USDT), and others. However, in recent weeks, there seems to have been significant dissent inside the CFTC itself over whether Ethereum should be treated as a product or not.

Possibilities About Ether

Rostin Benham, the head of the CFTC, allegedly said that Bitcoin is the only cryptocurrency that should be treated as a product on November 30 at a cryptocurrency seminar at Princeton University. It takes back earlier remarks suggesting that Ether may potentially be treated as a product.

Gary Gensler, the head of the Securities and Exchange Commission, has also been unsure about his position on ether recently. In the past, Gensler has claimed that while Ether was once a security, it has subsequently grown more decentralized and transformed into a commodity.

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Cryptocurrency Ether Commodity Futures Trading Commission (CFTC) Securities and Exchange Commission Bitcoin
CFTC Proclaims Ether As Commodity Again in Court Filing
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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