Commodity Futures Trading Commission (CFTC) Commissioner Christy Romero reiterated that even after the full shift to proof-of-stake (PoS) consensus mechanisms, the CFTC will stillEther is regarded as a commodity (Commodity, also known as a valuable asset).
In an interview,CFTC Commissioner Christy Romero was asked whether there would be any policy implications for ether following its merger and transition to PoS. In response, Christy Romero reiterated the CFTC’s position:
The CFTC has long considered ether to be a commodity. The definition of a commodity is very, very broad. I still think that even with a PoS consensus mechanism, ether is still a commodity.
It’s worth noting that the CFTC has been fighting with the U.S. Securities and Exchange Commission (SEC) for oversight of cryptocurrencies for years, and Christy Romero’s remarks appear to be at odds with the SEC’s stance.
Further reading US CFTC chairman: Bitcoin may double if the cryptocurrency market is ‘under our control’
SEC Chairman Gary Gensler stated earlier this month that cryptocurrencies based on PoS blockchains may be characterized as “securities”, and his reasoning is that PoS cryptocurrencies allow holders to passively earn income by staking, Meets the Howey Test criteria for “marketable securities”.
While Gary Gensler did not directly name any cryptocurrencies at the time, if he has pointed out in the past that Bitcoin is the only cryptocurrency he is willing to publicly acknowledge as a commodity, he is reluctant to comment on the attributes of altcoins such as ether.
Further reading U.S. SEC Chairman Says “Bitcoin is a Commodity”, Avoids Talking About Ether’s Securities Properties
Is this article against the SEC? CFTC Commissioner: Even if PoS is used, ether is still a “commodity” first appeared in the blocker.