Speaking at a CoinDesk event, he said that he has been impressed with Ethereum, “period.”
He elaborated that in his role as a regulator of commodities and derivatives, he sees Bitcoin as email while Ethereum is “more like the Internet.” He did admit, though, that Bitcoin remains a revolutionary technology.
The chairman of the CFTC literally just said this pic.twitter.com/CRVwA4SwNT
— Spencer Noon (@spencernoon) October 14, 2020
It’s worth noting that this isn’t the first time Tarbert has mentioned Ethereum in a positive light.
In an interview with Bloomberg at the start of 2020, the regulator stated that he thinks that Ethereum is worthy of having its own U.S.-regulated futures. He said in October 2019 that he “absolutely” believed there would be futures for the coin within six to 12 months of those comments. Tarbert’s assertion suggests that the CFTC sees Ethereum as a commodity, not a security as some critics have suggested.
While the CFTC does see value in cryptocurrencies, it is actively regulating the space.
The CFTC made headlines just a week ago when it was revealed that it was charging BitMEX, a crypto derivatives provider that has futures for Bitcoin, Ethereum, and other digital assets. BitMEX is by far one of the most influential companies in the crypto space, facilitating much BTC and ETH derivatives volume.
Investors are somewhat unfazed by the news about BitMEX, though. Mike Novogratz, CEO of crypto investment bank Galaxy Digital, said after the news on the prospects of crypto:
“Crypto friends, Let’s remember that you are innocent to proven guilty. It’s a cornerstone of American justice. I have no insight into the case but I wish @CryptoHayes well. I do think that $btc and crytpo is far bigger than any one exchange or person. So buy dips.”
The CFTC may face a problem in Ethereum, though, as decentralized derivatives platform gather steam.
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