Litecoin

United

Chair

Gary

Relevant

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 <p>Litecoin (LTC) surged by nearly 20% over the past three days after the U.S. Commodity Futures Trading Commission (CFTC) referred to the asset as a commodity in a legal complaint.</p>
 <p>On Tuesday, the U.S. Department of Justice (DOJ) and the CFTC unsealed an indictment against the crypto exchange KuCoin and two of its founders, Chun Gan and Ke Tang.</p>
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 <p>The DOJ alleges the exchange operated an unlicensed money-transmitting business, failed to maintain an adequate anti-money laundering (AML) program and received over $5 billion worth of suspicious and criminal proceeds.</p>
 <p>The CFTC also charged KuCoin with&nbsp;illegally dealing in off-exchange commodity futures transactions, among other alleged violations.</p>
 <p>In its complaint, the regulator asserts that certain digital assets are commodities.</p>
 <p><em>“Billing itself as the ‘People’s Exchange,’ KuCoin is a centralized digital asset exchange headquartered in the Republic of Seychelles, the Cayman Islands, and Singapore, with 27 million customers across 200 countries, including the United States, and a cumulative trading volume of $3.6 trillion in 2022. </em></p>
 <p><em>During the Relevant Period, KuCoin solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, swaps, and leveraged, margined, or financed retail transactions involving digital assets that are commodities including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).”</em></p>
 <p>The CFTC also referred to those same three crypto assets as commodities in a complaint against Binance last year.</p>
 <p>This assertion directly cuts against comments made by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who in 2023 claimed that every coin besides Bitcoin is a security. Earlier this year, Gensler declined to answer when asked whether ETH counted as a security or a commodity.</p>
 <p>LTC is trading at $105.75 at time of writing, up about 20% from $88.40 on Tuesday.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/litecoin-surges-by-nearly-20-after-us-regulator-refers-to-ltc-as-a-commodity-in-kucoin-complaint-tbt84002.html">https://thebittimes.com/litecoin-surges-by-nearly-20-after-us-regulator-refers-to-ltc-as-a-commodity-in-kucoin-complaint-tbt84002.html</a></p>

Litecoin Surges by Nearly 20% After US Regulator Refers to LTC as a Commodity in KuCoin Complaint

TheBitTimes

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