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CFTC Commissioner Christy Romero reiterates that the Commodity Futures Trading Commission (CFTC) nonetheless considers Ethereum as a commodity even after the proof-of-stake (PoS) transition. CFTC Chair Rostin Behnam on Wednesday mentioned the CFTC has been asking the U.S. Congress for money authority over Bitcoin, in addition to Ethereum.

CFTC Commissioner Christy Romero Claims Ethereum Is a Commodity

Perianne Boring, the founding father of the Chamber of Digital Commerce, asked CFTC Commissioner Christy Romero if Ethereum’s transition to proof-of-stake after the Merge has any coverage implications. Christy Romero reiterates the CFTC place that Ethereum is a commodity even after the proof-of-stake (PoS) transition.

“When we look at Ethereum and all these other products, we are looking to see what is a commodity. The CFTC has long taken the position that Ethereum is a commodity. The definition of commodity is very, very broad. I continue to take the position that Ethereum is a commodity, even with a proof-of-stake.”

On Wednesday, CFTC Chair Rostin Behnam said the regulator has been asking the U.S. Congress for the authority to supervise money markets. So that the CFTC can regulate Bitcoin, Ethereum, and different digital currencies as commodities.

SEC Chair Gary Gensler considered Bitcoin and Ethereum as commodities and agrees that their regulation falls below the CFTC. However, Gensler once more modified his stance by calling Ethereum a “security” because of proof-of-stake. He believes all PoS-primarily based cryptocurrencies are securities below the Howey Test.

Behnam believes digital currencies are a brand new asset class and the choice have to be taken legislatively. The CFTC and the SEC are looking for out an inexpensive final result to create certainty available in the market and shopper safety for retail traders.

SEC Seems to Lose Lawsuit Against Ripple

While the SEC and the CFTC determine whether or not Ethereum and different digital currencies are securities or commodities, Ripple now has the higher hand within the lawsuit in opposition to the SEC. Judge Analisa Torres asked the SEC to show over Hinman paperwork within the case. As a end result, the XRP value has jumped over 11% within the final 24 hours, value is at the moment buying and selling at $0.48.

Meanwhile, the Ethereum value continues to trade in a range after the Merge. The ETH value is buying and selling at $1,333, up almost 1% previously 24 hours.