Cardano

Ponzi

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
In a recent discussion on X, the debate over the classification of crypto assets as securities or commodities took center stage. An X user suggested that <a href="https://u.today/bitcoin-btc-last-seen-under-10000-four-years-ago-today" rel="noopener noreferrer nofollow">Bitcoin</a> might be considered a security, prompting a response from Ripple's chief technology officer (CTO), who offered an insight into what constitutes a commodity.
<a href="https://u.today/ripple-cto-joins-xrp-community-in-intriguing-debate-what-happened" rel="noopener noreferrer nofollow">Schwartz</a>, known for his active engagement in crypto-related discussions, responded by highlighting a key aspect of what differentiates commodities from securities.
<blockquote>
 Everyone who owns a commodity has a common interest in seeing its value increase, but that is not a common *enterprise*, which is what you need to have an investment contract. Everyone individually doing what they think is best for themselves is not a common enterprise.— David "JoelKatz" Schwartz (@JoelKatz) <a href="https://twitter.com/JoelKatz/status/1818368901476237440?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 30, 2024</a>
</blockquote>
The Ripple CTO <a href="https://x.com/JoelKatz/status/1818368901476237440" rel="noopener noreferrer nofollow">responded</a>: "Everyone who owns a commodity has a common interest in seeing its value increase, but that is not a common enterprise, which is what you need to have an investment contract. Everyone individually doing what they think is best for themselves is not a common enterprise."
This suggestion touched on the longstanding debate about whether certain cryptocurrencies should be regulated as securities or commodities. The distinction is crucial because it determines how these assets are regulated and what requirements they must meet.
<h2 id="recent-developments-in-crypto-regulation">Recent developments in crypto regulation</h2>
The head of U.S. commodities regulator CFTC, Rostin Behnam, recently argued that Bitcoin and Ethereum are commodities. The CFTC chair cited a July 3 ruling in a $120 million Ponzi case involving an Oregon man accused of fraud, where an Illinois district court judge said both assets qualified as commodities.
In the most recent development, on July 30, the SEC responded to the court's minute order seeking leave to amend its complaint on the "Third Party Crypto Asset Securities" defined in its opposition to Binance’s motion to dismiss.
The SEC had argued that several cryptocurrencies, including Solana, Cardano and Polygon, were securities in the Binance lawsuit. The move obviated the need to "issue a ruling as to the sufficiency of the allegations as to those tokens at this time."
Last July, Judge Analisa Torres decided that XRP sales to retail investors on exchanges did not constitute investment contracts, which many consider a loss for the SEC's jurisdiction.

Ripple CTO Defends Bitcoin Commodity Status: Details

목차

U_Today

2024년 7월 31일에 게재된 다른 기사

Sam Altman’s Worldcoin Expands to Austria, Aims for Global Adoption

Ethereum Price Battles Resistance: Can ETH Regain Momentum?

Is Solana Centralized And Bad Tech? Expert Debunks Claims

Analysts Are Optimistic On BONE Price: Is It Ready For A 5x Rally?

Bitcoin Stuck In Another Sideways Range: Where Do We Go From Here?

RCO Finance (RCOF) ChatGPT Like Features for Crypto Trading Hike Investors’ Profits by over 100x

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!