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Home / 24/7 Cryptocurrency News / U.S. CFTC Discards SEC’s “Security” Stance,
Classifies Bitcoin & Ethereum As Commodities



U.S. CFTC DISCARDS SEC’S “SECURITY” STANCE, CLASSIFIES BITCOIN & ETHEREUM AS
COMMODITIES

In a recent lawsuit filed against the Binance exchange, the U.S. CFTC was found
to label Bitcoin, Ethereum, and Litecoin as commodities.
By Pratik Bhuyan
6 hours ago Updated 6 hours ago




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In an effort to further ramp up the crackdown on the cryptocurrency sector, U.S.
regulators have leveled allegations of violating regulations against the world’s
largest cryptocurrency exchange, Binance. Among the several points outlined by
the CFTC in its 74-paged court filing, the crypto community has been quick to
pick up on CFTC’s classification of cryptocurrencies — like Bitcoin, Ethereum
and Litecoin — as commodities.





CFTC LABELS BITCOIN AS COMMODITY

CFTC Chair Rostin Behnam said in a statement that the US commodities watchdog is
looking to continue to regulate the volatile and potentially insecure digital
asset market.  The Commodity Futures Trading Commission (CFTC) is responsible
for the regulation of derivative products, such as financial contracts linked to
commodities.

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In its lawsuit against Binance exchange, the regulatory body was quoted as
saying:

> [Binance] operated a facility for the trading of futures, options, swaps, and
> leveraged retail commodity transactions involving digital assets that are
> commodities including bitcoin (BTC), ether (ETH), and litecoin (LTC) for
> persons in the United States.

Read More: Who Is Next After Binance? SEC Alerts Crypto Investors Amid Binance
Crackdown

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The CFTC further asserts in court documents that Binance’s extensive
solicitation and access to customers based in the United States engaging in a
variety of digital asset spot and derivative transactions involving commodities
—  contributed significantly to both the company’s trading volume and
profitability.


COMMUNITY SPLIT OVER CLASSIFICATION



The cryptocurrency community has been torn over by the recent characterization
of cryptocurrencies. Even if many recognize and agree with the CFTC’s
pro-commodity stand, confusion still lingers due to SEC chief Gary Gensler’s
contention that “any cryptocurrency is a security” with the exception of
bitcoin. In light of this news, Litecoin, the 13th largest altcoin by market
share, has tweeted its acknowledgment of being identified as a commodity under
Section 1a (9) of the Act, 7 U.S.C.






CFTC’S PRIOR STANCE ON CRYPTO

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On March 9, while speaking to the Senate Agriculture Committee, CFTC chair
Behnam argued that since Ethereum had been listed on CFTC exchanges for an
extended period of time, the organization has a “direct jurisdictional hook” to
regulate both ETH’s derivatives market and its underlying market. “We would not
have allowed the Ether futures product to be listed on a CFTC exchange if we did
not feel strongly that it was a commodity asset,” Behnam noted.

For the past few years, regulators have been debating whether cryptocurrencies
should be categorized as securities or commodities. This classification decision
would define which agency has primary responsibility for monitoring the crypto
markets. Many in the cryptocurrency community have spoken out in favor of the
CFTC as a more effective regulator than the SEC.

At the time of writing, the broader crypto market traded in the red with
Bitcoin’s price suffering a 3% setback as a direct consequence of the Binance
lawsuit while Ethereum exchanged hands at $1,707, down 3.5% in the past 24
hours.

Also Read: Do Kwon Might Face 5 Years In Montenegrin Prison; Extradition To
Happen After Prosecution?



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 * TAGS
 * Bitcoin
 * CFTC
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 * About author
 * Disclaimer

Pratik has been a crypto evangelist since 2016 & been through almost all that
crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin
halvinRead more…g to till now - he has seen it all.

The presented content may include the personal opinion of the author and is
subject to market condition. Do your market research before investing in
cryptocurrencies. The author or the publication does not hold any responsibility
for your personal financial loss.
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Pratik Bhuyan
503 Articles
Pratik has been a crypto evangelist since 2016 & been through almost all that
crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving
to till now - he has seen it all.
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Who Is Next After Binance? SEC Alerts Crypto Investors Amid Binance Crackdown


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U.S. CFTC DISCARDS SEC’S “SECURITY” STANCE, CLASSIFIES BITCOIN & ETHEREUM AS
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WHO IS NEXT AFTER BINANCE? SEC ALERTS CRYPTO INVESTORS AMID BINANCE CRACKDOWN

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PROSECUTION?

DEMAND PRESSURE AT MONTHLY SUPPORT ENCOURAGES LUNC PRICE FOR 28% RALLY; ENTER
NOW?

TOP 3 ALTCOINS SET TO RESUME BULLISH RECOVERY IN APRIL 2023

XRP PRICE PREDICTION: WILL XRP PRICE REACH $0.55 MARK BEFORE MARCH END?

METACADE CRYPTO PRICE PREDICTION 2023 – 2025. INVESTORS RUSH TO BUY REMAINING
PRESALE TOKENS BEFORE PRICE SURGE




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