The U.S. Securities and Exchange Commission's approval of spot Ethereum products left some this past week wondering: is ether a commodity now? That answer is still unclear.

Whether the SEC has jurisdiction over ether has been hazy. The agency's Chair Gary Gensler has not explicitly said ether is a security. However, Consensys alleged that the agency has considered ether to be a security, in a complaint the crypto firm lodged against the agency last month.

Meanwhile, at the SEC's sister agency, Commodity Futures Trading Commission Chair Rostin Behnam has asserted that ether is a commodity.

This comes as the SEC approved 19b-4 forms for eight Ethereum ETFs on Thursday, though issuers would need to have their S-1 registration statements go effective before trading can begin. Legal sources …