According to the recent SEC filing you all know, ETH is now a commodity -
highlight: according to the SECIs there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision?
(Source: SEC mentions ETF funds as Commodity-Based Trust Shares:
https://www.sec.gov/files/tm/lk87adfs99.pdf )
It can be traded as commodity. Commodity market is a different market than crypto and has it's own way of operation and taxes.
I don't think it makes all of ETH as commodity in the US, it's just that ETH issued as ETF is traded as commodity. People can still have and trade ETH on the network or on exchange but ETF issuers can also buy and sell ETH ETF which might be backed by an equal number of ETH locked somewhere.
I don't think the congress or the president of US would undo the decision of SEC as SEC themselves are a very conservative in matter of economic decisions and they might have already got pre-approval in doing that.