BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Regulation

U.S. CFTC: We Only Recognize Bitcoin, not Ether, as a Commodity

by Chiwuike Owunwa
Dec 1, 2022 - 12:00 am
in Regulation, Bitcoin
U.S. CFTC: We Only Recognize Bitcoin

On the 1st of December 2022, Michael Saylor, the chairman of MicroStrategy and an ardent advocate of Bitcoin, shared a tweet about the chairman of CFTC, who believes bitcoin is the only cryptocurrency currently classified as a commodity.

Today at Princeton, CFTC Chair Rostin Behnam said that the only cryptocurrency that should be viewed as a commodity is #Bitcoin, walking back from previous remarks made in October when he suggested Ether may also be a commodity.https://t.co/o5NrejDVaU

— Michael Saylor⚡️ (@saylor) December 1, 2022

The chairman of the commodity futures trading commission (CFTC), Rostin Behnam, called for regulating the crypto industry. This was at Princeton’s blockchain-focused institute, which is funded by both Princeton’s alumni and major players in the crypto industry.

Behnam was called out for his relationship with former FTX CEO Sam Bankman-fried and their multiple discussions to expand the crypto trading space. He was also supposed to be the benefactor of the digital commodities consumer protection act (DCCPA), which was championed by sam’s lobbying.

The act was going to increase CFTC’s funding opportunities and oversight jurisdiction. During the occasion, Behnam complained about the limited resources at his disposal while calling on legislators and policymakers to move quickly in regulating the crypto space.

He also mentioned that regulating the crypto space would be difficult because it is unlike any other past commodity they have dealt with. This led to the question of what a commodity is and whether cryptocurrencies can be classified as commodities.

Contrary to what he had said earlier, Behnam now supports the position that only Bitcoin can be considered a commodity under CFTC. In October this year, he believed that Bitcoin and Ethereum could be considered commodities under the CFTC.

This was during the power tussle between the CFTC and the SEC over the jurisdiction of the crypto space. Though the tussle was a source of confusion to crypto investors, one thing seemed to be agreed upon at the time: Bitcoin and Ethereum are commodities.

After the Ethereum merger, which moved the project from a proof of work protocol to a proof of stake protocol, the SEC decided to re-evaluate the ETH token using Howey’s test. If ETH passes that test, it will be viewed as a security under the SEC jurisdiction, similar to projects like Ripple.

Finally, the two agencies dispelled any belief that they were in conflict and incapable of working together, pointing out a track record of collaboration.

Yet Behnam’s stand on regulation is what the SEC considers as “too light.” He believes that regulation should also take into account innovation and entrepreneurship. But they cannot sit back and let the technology develop independently.

Tags: BitcoinBTCCFTCSEC
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Law enforcement agents take down BidenCash dark web marketplace and seize associated domains and cryptocurrency

US Seizes 145 Domains and Crypto Linked to BidenCash Dark Web Market

June 5, 2025

US seizes 145 domains and crypto from BidenCash, a dark web site accused of selling 15M stolen cards...

SEC Chair Paul Atkins addressing Senate about crypto regulatory changes

SEC to Ditch ‘Regulation by Enforcement’ in Favor of Transparent Crypto Rulemaking, Says Chair Atkins

June 4, 2025

SEC’s Paul Atkins says crypto regulation will shift from court actions to public rulemaking, focusing on clarity, innovation,...

Remixpoint logo with Bitcoin graphics symbolizing increased crypto holdings

Remixpoint to Acquire $7M More in Bitcoin, Boosting Crypto Holdings to $84M

May 26, 2025

Remixpoint greenlights $7M Bitcoin buy, taking its crypto investment to $84M as part of its evolving financial strategy...

Chart showing Bitcoin price drop from all-time high and liquidation impact

Bitcoin Drops From $111K ATH, Triggering $560M in Liquidations

May 24, 2025

Bitcoin’s drop from $111K ATH triggered $560M in liquidations across crypto markets, with 160K traders hit amid Trump’s...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise