It may be used to fly the aircraft but not as I understand it for commercial purposes.
I am happy to be shown otherwise, but I 'aint seen anything to convince me yet.
Let's put it another way, can the holder of an FAA Commercial certificate fly a G Reg aircraft? The answer is yes, automatic validation. Can they fly it for remuneration? No.
I would wager that that if you sought an opinion from FAA council that a CPL will be required.