US Commodities and Futures Trading Commission (CFTC) chairman has confidently stated that during a recent event that Ethereum is not security but is rather commodity, which means it falls under the oversite of CFTC rather than the Securities and Exchange Commission.
The new Chair of the CFTC Heath Talbert spoke at the recent Yahoo Finance All Markets Summit in New York City this week where he shared his thoughts on a variety of different aspect of the cryptocurrency space.
There were quite a few highlights worth noting about what Talbert said about Ethereum’s status as a commodity rather than a security.
“We’ve been very clear on bitcoin: bitcoin is a commodity. We haven’t said anything about ether—until now. It is my view as chairman of the CFTC that ether is a commodity.”
On top of this, the chair explained that he does see significant “ambiguity in the market,” but also said that in the end, he believes that “similar digital assets should be treated similarly.” this sentiment does seem to be bullish for the crypto space byt as most investors view oversite from the CFTC as significantly less invasive as that from the Securities Commission.
Talbert made another comment from Talbert is in reference to popular cryptos like Bitcoin and Ethereum, in which he noted that the forked version of the currency should be seen in the same light as the original version.
“It stands to reason that similarly assets should be treated similarly. If the underlying asset, the original digital asset, hasn’t been determined to be a security and is therefore a commodity, most likely the forked asset will be the same,” he said.
The view that the CFTC chair has shown is interesting and very positive for the future of the crypto space.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!