The U.S. Commodity Futures Trading Commission (CFTC) has been publicly advocating for quite some time that both Bitcoin and Ethereum (ETH) are commodities. However, that regulatory assessment appears to have changed radically yesterday.

Speaking at a crypto event at Princeton University, CFTC chairman Rostin Behnam stated that the only cryptocurrency that should be considered a commodity is Bitcoin. In doing so, he is doing a complete backpedal from previous statements when he implied that Ether is also a commodity.

As Fortune reports, Behnam called the matrix of regulators an “imperfect system,” possibly to justify his new assessment, but praised the cooperation between U.S. regulatory agencies.

(By Jake Simmons)