Former CFTC Chairman Equates Ethereum with Commodities and Securities

Former CFTC Commissioner Dan Berkovitz has declared that Ethereum can be classified both as a security and as a commodity.

The ex-head of the department highlighted that the second largest cryptocurrency by market cap falls under the jurisdiction of both the SEC and the CFTC.

He has gone on to explain that commodities are not confined to physical objects such as “wheat” or “oats,” and that anything that falls under a “future contract” could be defined as a commodity.

Further, against the backdrop of regulator’s warnings regarding cryptocurrency regulation in October of 2022, Berkowitz stated that to fully understand if something is a security or not, a deeper analysis into how it is sold should be conducted.

Moreover, SEC Chairman Gary Gensler declared on multiple occasions that most cryptocurrencies are securities.