The crypto market has been hit hard by the SEC’s moves to Binance and Coinbase. In particular, the SEC’s calling cryptos ‘securities’, including some of the leading altcoins, created panic. On the other hand, the Chairman of the US Commodity Futures Trading Commission (CFTC) was involved. CFTC chairman Rostin Behnam said that in the midst of this turmoil, the leading altcoin Ethereum is the commodity.
CFTC Chairman describes the leading altcoin project as a commodity!
cryptocoin.comAs you follow, the US Securities and Exchange Commission (SEC) first filed a lawsuit against Binance. Coinbase, another leading cryptocurrency exchange, followed suit. These lawsuits are ostensibly targeting the stock markets. But beyond that, it’s more important that the SEC calls some altcoins ‘securities’.
Rostin Behnam, Chairman of the US Commodity Futures Trading Commission (CFTC), was also involved in the latest discussions initiated by the SEC. Behnam maintained his stance on Tuesday that Ethereum is a commodity and not a security. This move comes at a time when the SEC has filed back-to-back lawsuits against two of the world’s largest crypto exchanges, Binance and Coinbase, for violations of financial regulations. The SEC highlights the prominence of crypto businesses operating in the US and transactions related to crypto trading. However, there is still no clarity on what laws crypto assets will comply with.
SEC Chairman Gary Gensler has a rather strict view on the crypto world. Gensler recently said that everything other than Bitcoin is a security. Thus, it sparked a debate in the crypto world. It just says that Bitcoin is not a security. Accordingly, he argues that BTC is a commodity under the jurisdiction of the CFTC. In contrast, CFTC Chairman Behnam claims that the leading altcoin Ethereum is a commodity. A draft bill is being worked on to categorize which assets are securities and commodities. However, this confusion and uncertainty still remains unresolved.
Is Ethereum a commodity?
CFTC Chairman Rostin Behnam spoke at the US House Committee’s session on “The Future of Digital Assets: Providing Clarity for the Digital Asset Spot Markets.” In this speech, Behnam stated that he maintains his view that Ethereum is a commodity. Congressman Austin Scott said that crypto assets are clearly not securities and should be regulated by the CFTC, not the SEC. Speaking on this, the President of the CFTC made the following statement:
I have argued in the past that Ethereum is a commodity.
The debate over whether altcoins are commodities or securities resurfaced on Monday. Because, the SEC has filed a lawsuit against Binance, the world’s largest crypto exchange. In this lawsuit, he referred to 12 altcoins as securities, including Solana (SOL), Cardano (ADA), Polygon (MATIC). In this regard, he claimed that these altcoins are traded as unregistered securities on Binance’s platform.
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