The US Commodity Futures Trading Commission (CFTC) has come to the fore with its new statements on cryptocurrencies. The institution described the three cryptocurrencies as “commodities”. The Commodity Futures Trading Commission (CFTC), most recently; He named Bitcoin (BTC), Ethereum (ETH) and USD Coin (USDC) as commodities. Thus, the contention between the US CFTC and the US Securities and Exchange Commission (SEC) continues over who has jurisdiction over cryptocurrencies. Here are the details…
CFTC reiterates “commodity” thinking for cryptocurrencies
The Commodity Futures Trading Commission (CFTC) has filed a civil sanctions lawsuit against former Deutsche Bank investment banker Rashawn Russell for Bitcoin and altcoin asset trading fund fraud and embezzlement of at least $1 million in investor assets. In its most recent crypto scam lawsuit, the CFTC reiterated that certain cryptocurrencies are commodities, naming Bitcoin, Ethereum, and USD Coin as commodities. The CFTC seeks refunds, compensation, coin penalties, permanent trading and registration bans, and injunctive relief for violations of the Commodity Exchange Act (CEA) and other CFTC regulations.
The CFTC accuses Russell of committing crypto-asset trading fund fraud and embezzling at least $1 million in investor assets. The U.S. Securities and Exchange Commission (SEC), under Chairman Gary Gensler, claims that all cryptocurrencies except Bitcoin are securities, while the CFTC insists that some cryptocurrencies, including stablecoins like Bitcoin, Ethereum, and USDC, are commodities.
The war between the CFTC and the SEC continues
As a result, the CFTC classified cryptocurrencies such as Bitcoin, Ethereum, and Litecoin as commodities in a lawsuit against Binance. Russell delivered at least a 25% return on investment (RoI) and falsely promised investors that he would pay in USDC stablecoins. He embezzled $1 million from investors’ assets to pay for his personal expenses, gambling companies. It promised returns to investors, similar to Ponzi scams.
CFTC Executive Director Ian McGinley argues that this action proves that the CFTC is better at protecting investors and holding bad actors accountable for fraud in the crypto industry. cryptocoin.com As we reported, recently, the CFTC classified cryptocurrencies such as Bitcoin, Ethereum and Litecoin as commodities in a lawsuit filed against Binance.
In the US, both the SEC and the CFTC are striving to become the regulatory body for cryptocurrencies. We will see which one will have the right to speak on the field in the coming period. But for now, the disagreement and different opinions between the two institutions; challenges investors and platforms operating in the Bitcoin and altcoin space.
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