The Commodity Futures Trading Commission (CFTC) maintains that Ethereum (ETH) is a commodity even after the proof-of-stake (PoS) transition.
According to CFTC commissioner Christy Romero, the CFTC has instructed the U.S. Congress to obtain cash authority over Bitcoin (BTC) and ETH.
That statement was echoed by Christy Romero to Perianne Boring, founder of the Digital Chamber of Commerce who asked if the post-Merge proof-of-stake transition had any policy implications.
Meanwhile, CFTC Chairman Rostin Behnam stated that the regulator is also asking the U.S. Congress for permission to oversee cash markets so that the CFTC can regulate BTC, ETH and other digital currencies as commodities.
While SEC chairman Gary Gensler once considered BTC and ETH to be commodities and regulated under the CFTC, he has now changed his perception by asserting that ETH is a safe digital asset.
Even Gensler is confident that all PoS-based cryptocurrencies are safe under the Howey Test*.
*U.S. Supreme Court case in determining whether a transaction qualifies as an investment contract
In the meantime Behnam believes digital currency is a new asset class and the decision should be taken legally.
While the CFTC and SEC strive to create certainty in the market as well as consumer protection for retail investors.
For the record, ETH price continues to trade in a range after The Merge and its price is trading at $1,333 which is up 1% in the last 24 hours.
