CFTC Chairman says "Ether is a commodity"

CFTC Chairman Heath Tarbert has said in an interview that he thinks ether is a commodity. Ethereum is the worlds second-largest cryptocurrency behind Bitcoin.

Mr Tarbert said he believes ether is not a security when speaking at the Yahoo! Finance All Markets Summit. In a strong opening statement Tarbert said he wants America to lead in the game of blockchain he then went on to say:

“We’ve been very clear on bitcoin: bitcoin is a commodity. We haven’t said anything about ether – until now,” Tarbert said. “It is my view as chairman of the CFTC that ether is a commodity.”

In May, a senior CFTC official confirmed in a report with CoinDesk that the agency was ready to approve an Ethereum futures contract if it met the correct conditions. There are also plans to introduce a BTC options contract too. Tarbert went on to say:

“It stands to reason that similar 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. Unless the fork itself raises some securities law issues under that classic Howey Test.”

So there you have it Ether is a commodity and will be on the CME exchange product list soon. Ethereum has moved higher in the last couple of hours but in general over the session is broadly flat. Sentiment in crypto's is mixed today after the SEC rejected the latest EFT proposal from Bitwise.

Share: Cryptos feed

All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.