Ethereum Gets a Vote of Confidence from CFTC Chairman & Holders

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.


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.”

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