The Prometheum issue has led US watchdogs to demand clarity on whether Ethereum is a security.

Comments from the Commodity Futures Trading Commission regarding Prometheum (CFTC) Chairman Rostin Behnam called for clarity on whether Ethereum is a security or a commodity.

This comes after Prometheum, the only US-registered cryptocurrency securities platform, announced that leading altcoins will be the first digital assets to be deposited. so While the company is treating Ethereum as if it were a security, the company’s regulator, the Securities and Exchange Commission (SEC), has not yet clarified its view on the matter.

In fact, in an interview with Bloomberg Television today, SEC Chairman Gary Gensler said he would “put aside that question” about whether Ethereum is a security or a commodity.

Prometheum calls itself “an SEC-registered full-service marketplace ecosystem for digital asset securities” and describes itself as “a bridge from securities to cryptocurrencies.”

Behnam said that both Ethereum and Bitcoin are commodities, calling into question the SEC’s contrasting classifications..

Ethereum and Bitcoin are fundamentally commodities

Regulatory uncertainty was the focus of the House Agriculture Committee’s annual appearance March 6.

At the hearing, Behnam urged Congress to pass legislation on the issue. “We need to fill the gaps in cryptocurrency regulation,” he said. Behnam said the notion that cryptocurrencies are “disappearing” is “just a myth,” pointing to Bitcoin’s recent price performance as evidence.

I look forward to testifying before the House Agriculture Committee next week to discuss the CFTC’s agenda, enforcement programs, and challenges facing the agency. My testimony will be posted on the committee’s website @CFTC. https://t.co/cxafe0uTUb

— Rostin Behnam (@CFTCbehnam) February 28, 2024

When asked to explain why Bitcoin or other cryptocurrencies should be considered commodities, Behnam said the classification is “mainly used for counter-negativity.” He elaborated further by saying: SEC’s The inability to classify Bitcoin and Ethereum as securities means that they are essentially commodities.

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