It was a commodity from the very start, but the regulator doesn't want to accept that as they don't want to accept bitcoin as a commodity either. Banking sector and people who run them felt threatened by the very existence of bitcoin and ETH. They are the ones that pushed the SEC not to accept bitcoin or ETH but as this industry got bigger and stronger, they had to accept it. Everything is becoming tokenized thanks to the smart contract technology developed by ETH that makes this possible. Bitcoin and ETH are the two greatest innovations of this century.