According to CFTC Chair Rostin Behnam, a court in Illinois has ruled that Ethereum and Bitcoin are digital commodities

Bitcoin and other cryptocurrencies are considered commodities according to Behnam, who cited the Commodity Exchange Act.

On Wednesday, BTC traded over $57,000 and Ether above $3,000; both cryptocurrencies have maintained their positions above important support levels.

During her testimony before the Senate Committee, Rostin Behnam, chair of the Commodity Futures Trading Commission (CFTC), said that between seventy and eighty percent of digital currencies do not constitute securities.

The continuous discussion in the crypto community and the litigation faced by crypto businesses and exchange platforms by the Securities and Exchange Commission (SEC) prompted Behnam to speak about the crypto asset class.

Ethereum and Bitcoin do not constitute securities.
There has been ongoing debate for a long time about whether Bitcoin, Ethereum, and other altcoins constitute securities. Discussions among market players have heated up in response to SEC litigation that target exchange platforms like Coinbase and Ripple, respectively, for the selling of unregistered securities (the XRP currency).


The statement states that the Commodities Exchange Act classifies Bitcoin and Ether as commodities.

The question of whether the SEC or the CFTC ought to oversee cryptocurrency was addressed by Behnam. In reference to the ongoing dispute between the SEC and the CFTC about the classification of digital assets as securities or commodities, Senator Roger Marshall posed the question, "Wouldn't it be simpler if we put this whole thing under the CFTC's jurisdiction?"

The head of the CFTC said, "I speak for myself, but I'd be pleased to do that” in response. I believe we possess the necessary knowledge and abilities.

Both Ethereum and Bitcoin were able to hold above critical support levels on Wednesday. Right now, one bitcoin is worth $57,560 and one ether is worth more than $3,000.


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