September 25, 2020

CFTC Chairman considers ether “commodity”

CFTC Chairman considers ether "commodity"

Recently, the chairman of the Commodity Futures Trading Commission (CFTC) said he considers ether (ETH) to be a commodity.

Yesterday at the Yahoo financial summit chairmanCFTC Heath Tarbert said that ETH falls under CFTC control and that the commission plans to allow the trading of derivatives in the US market in the near future.

We have already determined that Bitcoin is a product, butdid not characterize ether in any way. I believe that ether is also a commodity. I want to emphasize the importance of blockchain and digital assets for the United States, and, in particular, as chairman of the CFTC, I want the United States to lead this technology.

In March, CFTC Commissioner Brian Quinten noted thatEthereum’s planned transition from a proof-of-work algorithm to a proof-of-ownership algorithm can create potential problems, such as market manipulation.

CFTC declared virtual currencies a “commodity” subject to agency control in 2014.

According to the materials www.theblockcrypto.com