CFTC lawsuit calls ETH a Commodity

The initial reaction to the CFTC lawsuit against Binance was negative, and understandably so.

However, there is a silver lining to the lawsuit. According to a CNBC summary of the lawsuit (the actual Compliant I have not seen), apparently in the filing the the CFTC referred to both Bitcoin and Ethereum as commodities.

A commodity destination by the CFTC is huge and puts it in line to battle the SEC over a designation of ETH as a security.

Plus, this provides Ethereum cover in any enforcement action brought by the SEC - being able to point to the fact that not even the CFTC believes it is a security, and in fact ETH is in fact a commodity just like Bitcoin.

Perhaps the SEC leaves ETH alone now. Fingers crossed.