CFTC Chair Rostin Behnam says Bitcoin and Ethereum are digital commodities
- WBOYOriginal
- 2024-07-16 21:06:31740browse
Behnam said that the cryptocurrencies are commodities under the Commodity Exchange Act. Bitcoin , Ethereum have sustained above key support levels, BTC trades above $57,000 and Ether above $3,000 on Wednesday.
Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam stated during a Senate Committee hearing on Wednesday that 70% to 80% of cryptocurrencies are not securities.
Behnam also noted that both Bitcoin and Ethereum are commodities, according to a summary judgment from a District Court Ruling in Illinois, confirming that the cryptocurrencies fall under the Commodity Exchange Act (CEA).
The CFTC Chair’s statements come amid an ongoing debate over how cryptocurrencies should be classified and regulated.
In the past, the Securities and Exchange Commission (SEC) has argued that many ICOs are securities offerings and thus fall under their jurisdiction.
However, the CFTC has maintained that most cryptocurrencies are commodities and should be regulated by their agency.
In related news, Bitcoin and Ethereum prices remained above key support levels on Wednesday, with BTC trading above $57,000 and ETH trading above $3,000, respectively.
Both cryptocurrencies have shown resilience in recent weeks despite the broader market downturn.
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