The new Chair of the CFTC – Commodity Futures Trading Commission – has declared today that Ether (ETH) is a commodity – leaving the door open to a plethora of newly regulated derivatives products on platforms like the Cboe.
“It is my view as chairman of the CFTC that ether is a commodity,” said CFTC Chairman Heath Tarbert at Yahoo Finance’s All Markets Summit today in New York.
Although the CFTC had previously declared that “Bitcoin and other virtual currencies” should be treated as commodities in 2015, Tarbert’s remarks today are the first time A CFTC official has ever publicly commented on Ether.
Today’s news marks an about-face in the American regulator’s treatment of Ethereum’s Ether. The asset was scrutinized by the SEC last year on whether its 2015 token sale meant it could be classified as a security under the Howey Test.
Tarbert also mentioned that networks, like Bitcoin Cash (BCH) or Ethereum Classic (ETC), should have the same legal status as the networks they forked from.
This is a developing story.
Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.
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Author: Paddy Baker