It's still an ongoing discussion as far as I know. And also agree with my idea or know this CFTC(commodity futures trading commission) where they said that ETH is a commodity publicly because of crypto exchange complaints. And this is their intention to regulate ETH.

Then we should also look at the difference between Security and Commodity. Because here in commodity we see him as a fungible asset, while we see Security as an investment in a project.
If classified as a commodity, Ethereum might fall under CFTC regulations focused on derivatives trading. As a security, it would be subject to stricter SEC regulations