BTW, did you know that Ethereum buys Polygon?
Why do you think so, bro?
Topic: Is ETH a commodity now? (Read 510 times)
According to the recent SEC filing you all know, ETH is now a commodity - highlight: according to the SEC
Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
I think there are still other forces like Congress that can change this decision. As we know, Congress has the ability to pass a rule or even transfer regulatory authority from the SEC to another body. However, whether Congress wants to handle it or not.Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
It's another question and we shall see it answered in the future. You are right.
According to the recent SEC filing you all know, ETH is now a commodity - highlight: according to the SEC
Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
I think there are still other forces like Congress that can change this decision. As we know, Congress has the ability to pass a rule or even transfer regulatory authority from the SEC to another body. However, whether Congress wants to handle it or not. Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
Ethereum WAS a commodity when it was a PoW coin. But not anymore. Especially after switching to PoS. You basically become a shareholder of the network by holding ETH on your wallet (otherwise known as staking). In return, you receive a compensation (interest) depending on the number of coins you've deposited and how long it's been on your wallet. The longer the time, the higher the rewards will be. Similar to stocks that pay dividends.
The SEC only changed its opinion of ETH after pressure from giants like BlackRock and VanEck. After all, money talks. I hope Ethereum takes decentralization seriously before it's too late. You can see why no other coin can beat Bitcoin in terms of decentralization and censorship-resistance. It's what we need to obtain true financial freedom even from oppressive governments. Who knows what will happen in the future?
I am not sure, while you can make a case about yours, just because it has an interest doesn't mean that it is not an asset anymore, there are assets that pay dividends, stocks, and that means ETH could still be considered as an asset right now. I am not saying you are wrong, I am just saying you are as right about it as the person who says it's an asset, you are both right.The SEC only changed its opinion of ETH after pressure from giants like BlackRock and VanEck. After all, money talks. I hope Ethereum takes decentralization seriously before it's too late. You can see why no other coin can beat Bitcoin in terms of decentralization and censorship-resistance. It's what we need to obtain true financial freedom even from oppressive governments. Who knows what will happen in the future?
I feel like commodity is something that we can attribute to anything we want, I have seen people talk about their BIKE as commodity for Christ sake, whatever you consider valuable is a commodity. My friend sold his watches to make capital, you think watch is normally considered as asset or commodity, normally it isn't but he did it, was he wrong? Were people who said it is not one was wrong? Not really, commodity is whatever you use as a commodity, that's it.
It was a commodity from the very start, but the regulator doesn't want to accept that as they don't want to accept bitcoin as a commodity either. Banking sector and people who run them felt threatened by the very existence of bitcoin and ETH. They are the ones that pushed the SEC not to accept bitcoin or ETH but as this industry got bigger and stronger, they had to accept it. Everything is becoming tokenized thanks to the smart contract technology developed by ETH that makes this possible. Bitcoin and ETH are the two greatest innovations of this century.
Ethereum WAS a commodity when it was a PoW coin. But not anymore. Especially after switching to PoS. You basically become a shareholder of the network by holding ETH on your wallet (otherwise known as staking). In return, you receive a compensation (interest) depending on the number of coins you've deposited and how long it's been on your wallet. The longer the time, the higher the rewards will be. Similar to stocks that pay dividends.
The SEC only changed its opinion of ETH after pressure from giants like BlackRock and VanEck. After all, money talks. I hope Ethereum takes decentralization seriously before it's too late. You can see why no other coin can beat Bitcoin in terms of decentralization and censorship-resistance. It's what we need to obtain true financial freedom even from oppressive governments. Who knows what will happen in the future?
If they agree to the ETH ETF on the documents they have now, it won't be a commodity,
ETH is already a commodity, as per assertion by CTFC. 
but staking will be prohibited!
Most likely to happen. The SEC ordered the Ethereum ETF spot issuer to remove staking ethereum from their application. It's very likely that the SEC will ban ethereum staking. Also, SEC sued various crypto companies that offered ethereum staking. To me, the main concern for the SEC is ethereum staking. It is key for their approval of the ethereum ETF SPOT application. SEC still had mixed reaction before ethereum ETF issuer updated their application. But then SEC became supportive after they removed ethereum staking.
It was a commodity from the very start, but the regulator doesn't want to accept that as they don't want to accept bitcoin as a commodity either. Banking sector and people who run them felt threatened by the very existence of bitcoin and ETH. They are the ones that pushed the SEC not to accept bitcoin or ETH but as this industry got bigger and stronger, they had to accept it. Everything is becoming tokenized thanks to the smart contract technology developed by ETH that makes this possible. Bitcoin and ETH are the two greatest innovations of this century.
According to the recent SEC filing you all know, ETH is now a commodity - highlight: according to the SEC
Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
Just a moment ago would have answered that obviously no, because why would they do that? It's literally SEC's job to define them. That's why they hired experts in there. Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
Imagine some ignorant randos in congress who wouldn't have a clue what are even the ramifications of such change.
But with latest court’s Chevron ruling i am guessing they don't need to hear scientists, economists and other specialists for changing regulations. So i guess they can do freaking anything now wihtout consulting experts about the ramifications of it.
Even still, i don't know whom it would benefit. Even if that would be changed to security, reason would be because of protection of investors. But that Chevron ruling, which is wet dream of republicans, is signaling that they want to diminish customer and worker protection, and lower standards and responsibility for safety of the food, medical products, enviroment and especially recuirements for financial sector, so i can't see any reason why they suddenly would change it.
Is eth commodity now? Here in Indonesia all Crypto is considered as commodity by the Bappebti or the regulator who regulates crypto space
So basically here you can trade crypto freely and legal by using local exchange that have license and regulate same as commodity
So basically here you can trade crypto freely and legal by using local exchange that have license and regulate same as commodity
If they agree to the ETH ETF on the documents they have now, it won't be a commodity, but staking will be prohibited!
Is eth commodity now? Here in Indonesia all Crypto is considered as commodity by the Bappebti or the regulator who regulates crypto space
So basically here you can trade crypto freely and legal by using local exchange that have license and regulate same as commodity
So basically here you can trade crypto freely and legal by using local exchange that have license and regulate same as commodity
I would say it is a bit centralized, but also it's like gold or silver basically. Doesn't mean anyone owns it, doesn't mean it's like stocks, there isn't a CEO, it is basically price of grain or whatever, and you can bet on those things. But at the same time, crypto and commodity are different things, mainly because one of them could be used as a currency. Meaning that, while I agree that ETH could be called commodity for one way of using it, but it could also be called currency for another part.
So, I do not know what people should call it, SEC could call it a commodity if they want to, it is their own right and they can do whatever they want to, but I personally wouldn't call it a commodity right now, because it can still be used.
So, I do not know what people should call it, SEC could call it a commodity if they want to, it is their own right and they can do whatever they want to, but I personally wouldn't call it a commodity right now, because it can still be used.
No CEO? You might want to double-check your phrase. Especially when Vitalik is at the center stage of the project. Everyone follows him as he were some sort of celebrity or god. Just like foolish investors following Elon Musk to buy/sell Dogecoin. Some say many developers are working on ETH, but without Vitalik, I fail to see how the project would be a success. He would've stayed anonymous like Satoshi, and no one would even care if he was alive or dead. His public image can negatively-affect ETH in the long term.
I still consider ETH a security because of the PoS mechanics. You're entrusting your funds to big exchanges and corporations. It's a lot different from mining where you can easily set up a rig or farm at home (even if there are companies running huge mining farms). Both miners and node operators determine network consensus. Not like Ethereum where stakers (validators) are also node operators. The SEC just backed down because of fear from giants like BlackRock, Fidelity, and VanEck. Not because it was wrong. Money talks, right? Why should we be worried about this? As long as we have a truly-decentralized coin like Bitcoin, nothing else matters.
ETH has been around the horizon of cryptocurrencies and has intensively maintained reputable margins leading AltCoins as a digital assets that proceeds on its utilizing transactions in the decentralized blockchains.
So, I don't know if any course it has become a commodity. And if I may ask, is it a commodity in a centralized or decentralized modification?
I was Interested to read better on the link provided but seems an error and link not supported.
I would say it is a bit centralized, but also it's like gold or silver basically. Doesn't mean anyone owns it, doesn't mean it's like stocks, there isn't a CEO, it is basically price of grain or whatever, and you can bet on those things. But at the same time, crypto and commodity are different things, mainly because one of them could be used as a currency. Meaning that, while I agree that ETH could be called commodity for one way of using it, but it could also be called currency for another part.So, I don't know if any course it has become a commodity. And if I may ask, is it a commodity in a centralized or decentralized modification?
I was Interested to read better on the link provided but seems an error and link not supported.
So, I do not know what people should call it, SEC could call it a commodity if they want to, it is their own right and they can do whatever they want to, but I personally wouldn't call it a commodity right now, because it can still be used.
According to the recent SEC filing you all know, ETH is now a commodity - highlight: according to the SEC
Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
ETH has been around the horizon of cryptocurrencies and has intensively maintained reputable margins leading AltCoins as a digital assets that proceeds on its utilizing transactions in the decentralized blockchains.Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
So, I don't know if any course it has become a commodity. And if I may ask, is it a commodity in a centralized or decentralized modification?
I was Interested to read better on the link provided but seems an error and link not supported.
I agree with you and with everyone else here. Even though the SEC makes Ethereum a commodity, Congress has higher power than the SEC. This is a decision that is not final and I am sure we will get better results in the future.
Ethereum is a security, one guy controls what happens with it. A big % of the supply was pre-mined. Being a security doesn’t mean Ethereum is a bad investment, it’s done so well, many people have become very wealthy by investing in it plus the chain provides huge value to all ERC-20 tokens. It is definitely not a commodity.
I think for the SEC to approve ETH as a commodity, it would have to pass through Congress first. So far, I haven't seen anyone but the SEC making decisions on this matter. I think their decision is not final.
I agree with you and with everyone else here. Even though the SEC makes Ethereum a commodity, Congress has higher power than the SEC. This is a decision that is not final and I am sure we will get better results in the future.
I think for the SEC to approve ETH as a commodity, it would have to pass through Congress first. So far, I haven't seen anyone but the SEC making decisions on this matter. I think their decision is not final.
I guess fear from crypto industry giants made the SEC step back from labeling ETH a security. But we can't deny ETH is less-decentralized than Bitcoin itself. Especially with how Vitalik still has influence over the project (even though many developers are working on it). The community considers Vitalik as a leader. Could you imagine what would happen with ETH's price if something bad happens to Vitalik? Bitcoin didn't have a problem with Satoshi Nakamoto's departure from the project because nobody knew who he was. People were following the coin itself. Not the one person (or group of persons) behind it.
I agree that huge mining farms centralize the Bitcoin network. Fortunately, miners alone aren't the only ones who're part of network consensus. They're separate from node operators. In the case of ETH, stakers (validators) also constitute themselves as node operators allowing them to take full control of network decisions. At least, that's how I understand it (please correct me if I'm wrong). With ETH now a commodity, the CFTC will now be in-charge of regulating it (not the SEC). Hopefully, ETH sticks to its original values of decentralization for the benefit of all.
Bitcoin has an advantage for having a pseudonymous creator for sure, and i regocnize that my thoughts are controversial on the subject.I agree that huge mining farms centralize the Bitcoin network. Fortunately, miners alone aren't the only ones who're part of network consensus. They're separate from node operators. In the case of ETH, stakers (validators) also constitute themselves as node operators allowing them to take full control of network decisions. At least, that's how I understand it (please correct me if I'm wrong). With ETH now a commodity, the CFTC will now be in-charge of regulating it (not the SEC). Hopefully, ETH sticks to its original values of decentralization for the benefit of all.
And i am not sure what you mean by "something", but if you are implying that if Vitalik died, i would assume that it would probably just raise value and trust towards eth, as Vitalik would have been the biggest key element that people are referring to, when they talk about eth being centralized.
But if Vitalik changed his mind radically on something code related, i am sure that many people would follow and eth would fork. So in that way i see your point, but that would only fork eth, just like bitcoin has been forked in the past. And like i already pointed out, vitalik isn't in charge of the development anymore. There are LOTS of other insanely talented people working on it.
And from what i gather, yes, i think you are correct and it's CFTC instead of SEC now. Let's hope for the best on their values and decentralization. After all, it's for people, and needs people to be valuable.
According to the recent SEC filing you all know, ETH is now a commodity - highlight: according to the SEC
Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
Is there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf )
Well, while the SEC has classified ETH as a commodity, other forces, such as Congress, do have the power to influence or change this decision.
Congress could pass new laws or regulations that redefine the classification of cryptocurrencies, including Ethereum. Additionally, other regulatory bodies or legal challenges could also impact how ETH is classified in the future. So, while the SEC's stance is influential, it's not the final word on the matter, you what what I mean.
SEC has decided it's now commodity, so we don't need to either, and if they don't see it as a security, no one has reason to. Centralization doesn't make it a security and idea of whole centralization around it is debatable anyway imho, especially when we compare it to other cryptos, like bitcoin. And i don't see PoS centralizing it any more then huge mining farms do to PoW coins. In same way, Bitcoin is centralized around people with biggest rigs and most money to run them when price of electricity is high and price of BTC low.
And vitalik isn't the main guy anymore, there are numerous active developers, and if we compare the numbers of active developers on both of them, eth doesn't seem to be that centralized around the main team.
And vitalik isn't the main guy anymore, there are numerous active developers, and if we compare the numbers of active developers on both of them, eth doesn't seem to be that centralized around the main team.
I guess fear from crypto industry giants made the SEC step back from labeling ETH a security. But we can't deny ETH is less-decentralized than Bitcoin itself. Especially with how Vitalik still has influence over the project (even though many developers are working on it). The community considers Vitalik as a leader. Could you imagine what would happen with ETH's price if something bad happens to Vitalik? Bitcoin didn't have a problem with Satoshi Nakamoto's departure from the project because nobody knew who he was. People were following the coin itself. Not the one person (or group of persons) behind it.
I agree that huge mining farms centralize the Bitcoin network. Fortunately, miners alone aren't the only ones who're part of network consensus. They're separate from node operators. In the case of ETH, stakers (validators) also constitute themselves as node operators allowing them to take full control of network decisions. At least, that's how I understand it (please correct me if I'm wrong). With ETH now a commodity, the CFTC will now be in-charge of regulating it (not the SEC). Hopefully, ETH sticks to its original values of decentralization for the benefit of all.
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