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Wednesday, December 14, 2022

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 1. Home
 2. blockchain
 3. cftc terms ether as a commodity through court filing


CFTC TERMS ETHER AS A COMMODITY THROUGH COURT FILING 


ACCORDING TO COINTELEGRAPH, FTX, AND SISTER COMPANY ALAMEDA RESEARCH, THE
REGULATOR MADE REFERENCES TO ETHER, BITCOIN, AND TETHER, “AMONG OTHERS” AS
“COMMODITIES” UNDER UNITED STATES LAW

Written by FE Digital Currency
December 14, 2022 4:31:42 pm
Follow Us
Gary Gensler, chairman, Securities and Exchange Commission,reportedly carried an
undermined take on Ether in recent months

The Commodity Futures Trading Commission (CFTC) has put the label of commodity
on Ether in a December 13, 2022, court filing. The decision came after Rostin
Behnam, chief, CFTC’s comments on November 30, 2022, which suggested that
Bitcoin should be the only cryptocurrency-based commodity, as reported by
Cointelegraph.

According to Cointelegraph, in a lawsuit filed against Sam Bankman-Fried, FTX,
and sister company Alameda Research, the regulator made references to Ether,
Bitcoin, and Tether, “among others” as “commodities” under United States law. It
is believed that there has been some disagreement around CFTC on whether Ether
should be seen as a commodity or not, in the current weeks. On November 30,
2022, at a cryptocurrency event in Princeton University, Behnam made the
recommendations on Bitcoin being viewed as a commodity. 


Also Read
FTX founder charged in scheme to defraud crypto investors

On the basis of information by Cointelegraph, Gary Gensler, chairman, Securities
and Exchange Commission (SEC), reportedly carried an undermined take on Ether in
recent months. Previously, Gensler gave suggestions that Ether was a security
post its initial coin offering (ICO) but has become decentralised and turned
into a commodity since then. Reportedly, Gensler’s stance on Ether changed post
proof-of-stake transition.

Also Read
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Former FTX founder Sam Bankman-Fried arrested in Bahamas after US files charges
TPG Telecom falls as email hack targets business users’ crypto, financial info
Uncertain conditions await Bankman-Fried at Bahamas detention center

Moreover, Cointelegraph noted that Elizabeth Warren, cryptocurrency-sceptic
senator, is developing a bill for giving SEC maximum regulatory authority over
the cryptocurrency industry. Jeffrey Sprecher, CEO, Intercontinental Exchange
Inc, has expressed confidence that cryptocurrency assets will be handled like
securities. 

(With insights from Cointelegraph)

Also Read
Binance CEO says deposits returning to exchange

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Binance net withdrawals record $3.6B in last 7 days: Report
Crypto firm Binance says deposits returning after heavy withdrawals
Bahamian securities regulator slams FTX CEO over ‘misstatements’
Binance CEO says deposits returning to exchange
FTX founder charged in scheme to defraud crypto investors
Uncertain conditions await Bankman-Fried at Bahamas detention center