Last December, the Commodity Futures Trading Commission (CFTC) issued a public call for feedback to “better inform the Commission’s understanding” of the Ethereum network and the cryptocurrency ether. The CFTC said input would better inform the agency in the event that market participants submit proposals to list new cryptocurrency-based futures or derivatives products. The CFTC has already recognized the trading of Bitcoin-based derivatives.
Speaking at the Yahoo! Finance All Markets Summit on Thursday October 10, and as reported by Yahoo finance, CFTC Chairman Heath Tarbert said he believes ether is not a security. He went on to say, “We’ve been very clear on Bitcoin: Bitcoin is a commodity under the Commodity Exchange Act. . . . We haven’t said anything about Ether — until now. It is my view as chairman of the CFTC that Ether is a commodity, and therefore it will be regulated under the CEA.”
On the issue of futures, Tarbert said, “And my guess is that you will see in the near future, Ether-related futures contracts and other derivatives potentially traded,” he added. “It’s my conclusion as chairman of the CFTC that Ether is a commodity and therefore would fall under our jurisdiction.”
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David Zaslowsky
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David Zaslowsky is partner in the Litigation Department of Baker McKenzie's New York office. He helps companies solve complex commercial disputes in arbitration and litigation, especially those involving cross-border issues and Section 1782 discovery. David has a degree in computer science and, as a result, has worked on numerous technology-related disputes, including, most recently, those involving blockchain and artificial intelligence. In April 2025, Attorney Intel named David one of the top 25 blockchain lawyers in the country. He is the editor of the Firm's blockchain blog and co-editor of the firm's International Litigation & Arbitration Newsletter. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in international arbitration. He also sits as an arbitrator and is on the roster of arbitrators for a number of arbitral institutions. David sits on the Board and chairs the governance committee of the New York International Arbitration Center, and is a founding member of the International Arbitration Club of New York. For over 35 years, he has written and spoken often on the subjects of arbitration and international litigation.