"Heads up, CFTC and SEC all say different things."
The Chairman of the Commodity Futures Trading Commission (CFTC) of the United States (US) Rostin Behnam on Tuesday confirmed once again that the cryptocurrency Ethereum (ETH) is a commodity and not a security.
The statement was released as the US Securities and Exchange Commission (SEC) filed a lawsuit against two crypto exchanges, namely Binance and Coinbase for violating financial regulations.
Although there is still no clarity regarding crypto laws, the SEC still urges all exchanges that offer digital asset services to register their operations.
Also recently, Gensler caused controversy in the crypto market when he stated that all cryptocurrencies are securities except Bitcoin (BTC) after arguing that it is a commodity under the jurisdiction of the CFTC.
Even so, CFTC Chairman Behnam said ETH qualifies as a commodity even though the draft bill to categorize digital assets as securities or commodities is still underway.
While in the US House Committee session, Behnam did define ETH as a commodity but questions arose when Congressman Austin Scott said crypto is not a security and it should be regulated by the CTFC.
But what is interesting is the debate about whether altcoins are commodities or not, has emerged on Monday after the SEC charged 10 altcoins such as Solana (SOL), Cardano (ADA) and Polygon (MATIC) that are traded on the Binance platform as securities.
