CFTC chief says Bitcoin is the one commodity within the wake of FTX collapse
The pinnacle of the US Commodity Futures Buying and selling Fee (CFTC), Rostin Behnum, claimed that bitcoin is the one crypto asset that may be seen as a commodity throughout an invite-only crypto occasion at Princeton College, reviews Fortune.
Behnam’s feedback are in stark distinction to his preliminary statements in October, the place he claimed that ether (ETH) might even be seen as a commodity. The CFTC chief was answering a query about which crypto belongings ought to be seen as commodities and which qualify as securities.
CFTC chief backtracking from his feedback on ETH within the wake of heavy scrutiny from US regulators and allegations of corruption, Republican lawmakers accuse SEC chairman of coordinating with FTX to ‘receive regulatory monopoly’.
The controversy over whether or not cryptocurrencies qualify as items beneath the legislation has been a long-standing one. Bitcoin is unanimously seen as a non-security as a consequence of its really decentralized nature whereas the standing of ether and plenty of different cryptocurrencies has been a controversial subject. Ripple can be at present dealing with a safety lawsuit from the SEC.
The US monetary regulator has discovered itself in sizzling water within the wake of the collapse of the FTX crypto alternate, primarily as a consequence of its affiliation with the alternate.
The CFTC was set to achieve oversight powers by proposed Senate laws known as the Digital Commodities Client Safety Act (DCCPA).
Behnam stated the committee has restricted oversight powers and blamed the “matrix of regulators” as an imperfect system. Nonetheless, he known as for higher co-operation among the many lengthy listing of regulatory our bodies to provide you with the formidable guidelines.
associated: This is How the CFTC May Block FTX Subsequent
The CFTC chief is about to carry a congressional listening to on December 1 to debate the teachings realized from the collapse and debacle of now-defunct crypto alternate FTX.
BREAKING: 8 Congress Members Attempt To Block SEC From Inquiring Into FTX By Questioning SEC’s Authority To Inquire About Crypto
5 of these 8 members additionally acquired marketing campaign donations from FTX starting from $2,900 to $11,600
— Nancy Pelosi Inventory Tracker ♟ (@PelosiTracker_) November 25, 2022
Former CEO Sam Bankman-Fried’s shut ties to US policymakers and his lobbying efforts to make the CFTC the first crypto regulatory physique questioned by many within the crypto group. A current report additionally alleged that 8 US Congressmen tried to dam the SEC from investigating FTX.
