BKCM CEO: CFTC identifies Ethereum as a commodity to help institutions enter the market

According to CryptoGlobe, Brian Kelly, chief executive of BKCM, an encryption investment company, said he is optimistic that the US Commodity Futures Trading Commission (CFTC) will define Ethereum and smart contracts as commodities. Kelly said such a classification would pave the way for institutional investors: "The CFTC has determined that Ethereum is a commodity and is a big plus for the encryption sector. This makes regulation clear. CFTC now says, 'if You buy Bitcoin on these smart contract platforms, which are commodities. This opens the door to institutional entry.” Kelly explained that his conversations with the organization have always been banned around Bitcoin and encryption as an asset. possibility. However, the CFTC's decision to list Ethereum as a commodity has now alleviated this concern. According to the Odaily Planet Daily, Heath Tarbert, who just took over as chairman of the CFTC in July, said that ETH is a commodity and therefore falls under the jurisdiction of the CFTC. He also expects that CFTC will allow ETH futures to trade in the US market in the near future.