CFTC Chair reiterates BTC and ETH are commodities in testimony
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Bitcoin and Ether as Commodities: The US commodities regulator chief argues that Bitcoin and Ether are commodities, citing a court ruling in Illinois.
- Court Ruling on Cryptocurrencies: A recent court ruling in a Ponzi case reaffirmed that Bitcoin and Ether are commodities under the Commodity Exchange Act.
- Regulation Gap Highlighted: A 2022 report highlighted a regulatory gap for digital assets not classified as securities, calling for increased oversight by the Commodity Futures Trading Commission (CFTC).
- Legislative Priorities Proposed: The CFTC Chair outlined five legislative priorities to regulate digital commodities better, including tailored rules, funding models, disclosure regimes, and KYC/AML measures.
- Call for Regulatory Framework: Urgent need for federal legislation to create a regulatory framework to protect investors and financial markets from future risks associated with digital assets.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
