Bitcoin and Ethereum are Digital Commodities, Says CFTC Chair

Decided by Judge Mary M. Rowland, the case’s defendant argued that the CFTC’s statutory authority, when it comes to regulating commodities, “does not extend to any cryptocurrencies.” However, the judge ruled that Bitcoin and Ethereum are well within the CFTC’s regulatory scope based on the case’s similarity with other decided cases and language within the CEA.

But Rowland’s decision, and Behman’s citation, doesn’t mean Ethereum’s status is set.

Even though other courts can take the decision into consideration, which was reached in trial court, Rowland’s ruling isn’t binding within the Northern District of Illinois—let alone the rest of the country—Anthony Tu-Sekine, a partner at Seward & Kissel, told Decrypt.

“Anything that happens on the trial court level is not really binding on the other courts in that jurisdiction,” he said. “This is good news, not bad news, but it’s probably not that big.”