United

Chair

Bitcoin

Northern

<img decoding="async" width="1280" height="720" src="https://coingape.com/wp-content/uploads/2024/07/cftc-chairman-ethereum-futures-gID_1.jpg" class="attachment-full size-full wp-post-image" alt="" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/07/cftc-chairman-ethereum-futures-gID_1.jpg 1280w, https://coingape.com/wp-content/uploads/2024/07/cftc-chairman-ethereum-futures-gID_1-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/07/cftc-chairman-ethereum-futures-gID_1-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2024/07/cftc-chairman-ethereum-futures-gID_1-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2024/07/cftc-chairman-ethereum-futures-gID_1-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/07/cftc-chairman-ethereum-futures-gID_1-150x84.jpg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
The United States has faced unclear digital asset regulations as agencies like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) pitch for jurisdictions on the subjects. This has been a contentious issue for many industry executives saying that the lack of rule clarity stems deeply from the agency to oversee the sector. 
Others have expressed that several sectors of the market should be regulated by multiple authorities under a single framework. However, a recent Illinois judgment has given more backing to the CFTC’s position that <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin</a> and Ethereum are commodities with crypto users extending the logic to other assets. 
<h2 id="strong-cftc-chair-says-crypto-assets-are-commodities-strong">CFTC Chair Says Crypto Assets Are Commodities</h2> 
<a href="https://coingape.com/breaking-cftc-chair-claims-70-80-of-crypto-are-non-securities/" target="_blank" rel="noopener">Rostin Behman</a> the CFTC chairman in his Congressional testimony doubled down on the commodity tag on Bitcoin and Ethereum citing a judgment in the Northern District of Illinois.&nbsp; 
“Just last week, a District Court in the Northern District of Illinois entered summary judgment in favor of the CFTC in a case involving fraud by an unregistered entity that promised steady returns in digital asset commodities such as Bitcoin and Ether. In its decision, the court reaffirmed that both Bitcoin and Ether are commodities under the Commodity Exchange Act.” 
This revelation in Congress sparked debates around digital asset spaces on the effect of the SEC lawsuits on the market. According to the CFTC chair, 70-80% of crypto tokens are non-securities. Reacting, Coinbase CLO Paul Grewal talked about criticized expectations of notice by assets that violate Federal securities laws. 
<h2 id="strong-it-s-not-yet-over-strong">It’s Not Yet Over</h2> 
While a court in <a rel="nofollow" href="https://www.cftc.gov/PressRoom/PressReleases/8931-24" target="_blank">Illinois</a> ruled that both assets are commodities under the Commodities Exchange Act, it is not a binding decision across the country leaving spaces for the status quo to remain unchanged. Lawyers explained that the decision isn’t a precedent opposed to how crypto users have tipped the news. However, commentators say it can shape future regulations and increase the role of the CFTC in the crypto market.&nbsp; 
Also Read:<a href="https://coingape.com/trending/has-the-bear-market-begun-5-indicators-to-confirm/" target="_blank" rel="noopener"> Has The Bear Market Begun? 5 Indicators To Confirm </a> 
The post <a href="https://coingape.com/trending/how-cftc-illinois-case-strengthens-calls-for-crypto-as-commodities/">How CFTC Illinois Case Strengthens Calls For Crypto as Commodities</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

How CFTC Illinois Case Strengthens Calls For Crypto as Commodities

Table of Contents

Coingape News Media

Outros artigos publicados em 10 de jul. de 2024

Filecoin (FIL) Price Depends on Investor Sentiment After 9-Month Low

Cardano’s Blockchain Gaming Debut with ‘Chronoshot’ on Epic Games

James Saye: A Bitcoin Success Story Leading to Iceland

These Altcoins Poised To Record 100% Surge As Ethereum Regains Momentum?

Bitcoin Fees Hit Four-Year Low

Leprechaun (LPC) to Launch Web3 Telegram-Based Dashboard and Contract Automation

Join our free newsletter for daily crypto updates!