CFTC, the financial regulatory body in the U.S., is facing a lot of scrutiny post-FTX collapse, and now its chief is taking a cautious approach to all thing crypto.

Behnam’s comments are quite a contrast to his early statements in October, where he claimed ETH could also be viewed as a commodity. The CFTC chief was answering a question on which crypto assets should be seen as commodities and which ones qualify as securities.

The CFTC chief’s backtracking of his comments on ETH comes in the wake of heavy scrutiny of U.S regulators and accusations of corruption, with Republican lawmakers accusing the SEC chair of coordinating with FTX “to obtain regulatory monopoly.”