The United States has faced unclear digital asset regulations as agencies like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) pitch for jurisdictions on the subjects. This has been a contentious issue for many industry executives saying that the lack of rule clarity stems deeply from the agency to oversee the sector.
Others have expressed that several sectors of the market should be regulated by multiple authorities under a single framework. However, a recent Illinois judgment has given more backing to the CFTC’s position that Bitcoin and Ethereum are commodities with crypto users extending the logic to other assets.
CFTC Chair Says Crypto Assets Are Commodities
Rostin Behman the CFTC chairman in his Congressional testimony doubled down on the commodity tag on Bitcoin and Ethereum citing a judgment in the Northern District of Illinois.
“Just last week, a District Court in the Northern District of Illinois entered summary judgment in f
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