The classification of cryptocurrencies is a long-standing question to which the world has not yet found a common answer, as no one is sure whether it is securities or commodities. The current chairman of the Commodities Futures Trading Commission (CFTC), Rostin Benham, claims that 60% of all cryptocurrencies, or market capitalization, which is currently worth more than $2.6 trillion, are considered commodities.
He justifies this claim by stating that almost 60% of tradable cryptocurrencies consist of BTC and ETH alone. If you remember, both were previously indirectly classified as commodities after the Securities and Exchange Commission (SEC) declared that they were not securities. Thus, it is currently unclear how long it will take us to learn a global consensus on how to properly classify cryptocurrencies. However, many people are currently pushing for the answer to be on the table as soon as possible.