Rostin Benham, Chairman of the CFTC (Commodity and Futures Trading Commission), stated that an Illinois court has officially ruled that Bitcoin (BTC) and Ethereum (ETH) are commodities. “In its decision, the court confirmed that Bitcoin and Ether are commodities within the meaning of the Commodity Exchange Act,” Benham said at a US Senate committee hearing. 🏛️
This decision clarified Ether's regulatory classification, which was previously filled with uncertainty. The SEC (Securities and Exchange Commission) had refused to provide a clear statement about Ether. However, developments in recent months have led the crypto industry to assume that Ether is de facto considered a commodity. 📜
Benham requested legislative authority from Congress to make clear that the CFTC is required to provide information about the structure of commodity-based tokens. He also said, "The Committee should consider a disciplined, balanced framework for designating tokens as commodities or securities under existing laws."