According to Senator Gillibrand, Gary Gensler considers Bitcoin and Ethereum to be commodities.
Gillibrand specifically claimed that there is broad regulatory consensus that Ethereum is a commodity.
Senator Kirsten Gillibrand, co-author of the crypto regulation bill announced yesterday, claims that the chairs of both the SEC and the CFTC have agreed that Bitcoin and Ethereum have commodity status. However, Gillibrand and Senator Cynthia Lummis seem to agree that most other cryptocurrencies are securities.
Senators Gillibrand and Lummis discussed the bill on the Washington Post Live on Thursday. Lummis said that some entities can be viewed as “helper entities.” He cited NFTs or non-payment digital assets as examples.
Gillibrand said that their bill would empower both the SEC and the CFTC to govern the crypto market.
Senators said that although Gary Gensler did not read the bill, both he and the CFTC chairman agreed on the classification of Bitcoin and Ethereum.
“Bitcoin and Ethereum will definitely be classified as commodities. This was acknowledged by Gary Gensler as well as the CFTC president”
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