Ethereum Gets a Vote of Confidence from CFTC Chairman & Holders

Heath Tarbert “impressed” with Ethereum and finds DeFi “revolutionary.”

Bitcoin is seeing a lot of activity, receiving a vote of confidence from the likes of Square, MicroStrategy, and legendary investor Paul Tudor Jones. But Ethereum isn’t far behind either.

The second-largest cryptocurrency received its unexpected vote of confidence from the chairman of the Commodity Futures Trading Commission (CFTC) Heath Tarbert.

“Let me just basically say how impressed I am by Ethereum, full stop, period.”

In a recent interview with CoinDesk, he compared Ethereum to the Internet.

“If Bitcoin is email, you know, a one-trick pony so to speak, but obviously revolutionary, Ethereum goes far beyond that. It’s more like the internet.”

On the regulation aspect, he said even the transition to Proof of Stake (PoS) won’t necessarily put Ethereum 2.0 in the securities classification as “It’s still decentralized in a way that your typical company or even a cryptocurrency that really has a company standing behind it” isn’t.

Currently, Ether is considered a commodity just like Bitcoin and according to the Chairman, the more decentralized it becomes, effectively running itself, the more it will fall within the commodity category.

An outspoken supporter of the cryptocurrency industry, he has just as much love for the decentralized finance (DeFi) sector which he finds “revolutionary” and believes could one day, “decades” later, even lead to “disintermediation of the financial system and the traditional players,” and potentially reduce systemic risk.

Anticipation for ETH 2.0

Besides good words from the CFTC chairman, Ethereum has a lot going on with it. ETH HODLing is going strong, with 60% of its supply not moved in over a year.

“With eth2 phase 0 approaching, it'll be interesting to see how much this percentage comes down by as Ethereum OG's move their stash into staking,” noted Anthony Sassano.

Glassnode-ETH-Hodl-Waves
Source: Glassnode

For ETH 2.0 launch, recently another dress rehearsal called Zinken was successfully launched. As per the operators of the test network, the beacon chain would launch within six weeks of following a rehearsal in mid-October.

While the complete launch of ETH 2.0 is still years away, which means scalability won’t be coming to Ethereum anytime soon, it’s co-founder Vitalik Buterin called on the network users to move to layer 2 scaling solutions that are “already here for many classes of applications.”

Ethereum (ETH) Live Price

1 ETH/USD =378.8056 change ~ -1.73

Coin Market Cap

42.89 Billion

24 Hour Volume

15.83 Billion

24 Hour Change

-1.73

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,271FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today