Both Bitcoin (BTC) and Ethereum (ETH) have been officially acknowledged as commodities by the Commodities Futures Trading Commission (CFTC) of the US during a hearing held by the Senate AG committee on digital commodities.
Rostin Behnam, Chairman of the Commodity Futures Trading Commission, has verified that Bitcoin and Ethereum have been approved as digital commodities under the Commodity Exchange Act by a court in Illinois.
In contrast to the statements made by SEC Chairman Gary Gensler in the past, which claimed that only Bitcoin constituted a commodity and that the majority of other tokens should be regulated as securities, this is in line with the position taken by the Commodity Futures Trading Commission (CFTC). The result of this is that enforcement measures have been taken against businesses like as Binance, Coinbase, Ripple, and Uniswap Labs.
Behnam agreed that Bitcoin and digital assets require different approaches to cybersecurity and resilience compared to traditional assets in response to Senator Sherrod Brown’s inquiry about the lessons learned by the Commodity Futures Trading Commission (CFTC) from previous instances of cryptocurrency theft.
Concerns were raised by Senator Cory Booker regarding market misuse, and he stressed the role that the Securities and Exchange Commission and the Commodity Futures Trading Commission play in addressing these issues.
Behnam backed Senator Roger Marshall’s proposal that the Commodity Futures Trading Commission (CFTC) handle all regulation of digital assets, citing the CFTC’s experience as the reason. As retail interest in digital assets continues to develop in the absence of clear norms, Behnam projected that additional enforcement proceedings would be taken.
