Regular crypto commentator Brian Kelly said Ethereum being a commodity is a “huge” win for the market.
While the U.S. Securities and Exchange Commission (SEC) denied the latest round of bitcoin ETF proposals, Kelly says that he is less concerned about the development. He highlighted the entrance of large brokerages into the crypto markets as filling the need for ETFs,
The problem the SEC has is a huge portion of bitcoin trading is outside of the US. The concern is they don’t have a view into those markets. That being said there’s been some developments. You have companies like Fidelity and TD Ameritrade starting to push into this space.
He continued,
So ultimately you’re going to be able to buy bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.
Kelly was also self-assertive on the CFTC determining Ethereum and smart contracts to be a commodity. According to Kelly, such a classification will pave the way for institutional investors,
The SEC saying Ethereum is a commodity is huge for this space. It gives us regulatory clarity. The CFTC has now said, ‘Listen, if you’re buying bitcoin on these smart contract platforms they are commodities. That opens the door for institutions to come in.