An Illinois court has confirmed that BTC and ETH are commodities under the Commodity Exchange Act.
This was reported by#FOXBusiness crypto-journalist Eleanor Terrett with reference to the speech of the head of the US Commodity Futures Trading Commission (CFTC) Rostin Behnam.
Today, Senate Agriculture, Nutrition and Forestry Committee Democrats and Senate Agriculture Committee Republicans are holding a hearing on digital commodity regulation with the U.S. Commodity Futures Trading Commission (CFTC). This is where the news/statements come from.
According to Terrett, Behnam once again stated that 70-80% of cryptocurrencies are not securities. Adding that the technology behind digital assets is “very unique and different” from traditional asset classes.
As a reminder, the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) are engaged in an undeclared battle over who should regulate the crypto market. For the CFTC, the recipe for success in the fight is simple - cryptoassets must be recognized as goods. Hence all the seemingly positive rhetoric for the crypto industry.