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Rep. Patrick McHenry Confronts Gary Gensler: Is Ether a Security or a Commodity?In , the CFTC came forward and defined Bitcoin and other virtual currencies as commodities under the U.S. Commodity Exchange Act (the CEA). A crypto commodity is a digital representation of a commodity, utility, or contract on a blockchain network through exclusive tokens. more. A crypto commodity is a digital representation of a commodity, utility, or contract on a blockchain network through exclusive tokens.