{"id":24824,"date":"2024-07-11T12:00:11","date_gmt":"2024-07-11T09:00:11","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24824"},"modified":"2024-07-11T11:24:44","modified_gmt":"2024-07-11T08:24:44","slug":"cftc-chair-argues-for-oversight-of-bitcoin-and-ether-as-commodities","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/cftc-chair-argues-for-oversight-of-bitcoin-and-ether-as-commodities\/","title":{"rendered":"CFTC Chair Argues for Oversight of Bitcoin and Ether as Commodities"},"content":{"rendered":"<p>Two of the biggest cryptocurrencies by market capitalization, <strong>Bitcoin<\/strong> and <strong>Ether<\/strong>, are commodities and should be under his agency&#8217;s control, the head of United States commodities regulators has said.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/cftc-chair-argues-for-oversight-of-bitcoin-and-ether-as-commodities\/#Court_Decision_and_Regulatory_Difficulties\" title=\"Court Decision and Regulatory Difficulties\">Court Decision and Regulatory Difficulties<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/cftc-chair-argues-for-oversight-of-bitcoin-and-ether-as-commodities\/#Legislative_Priorities_and_Collaboration\" title=\"Legislative Priorities and Collaboration\">Legislative Priorities and Collaboration<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Court_Decision_and_Regulatory_Difficulties\"><\/span>Court Decision and Regulatory Difficulties<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, Commodity Futures Trading Commission (CFTC) Chair <strong>Rostin<\/strong> <strong>Behnam<\/strong> reiterated Bitcoin and Ether as commodities citing a recent Illinois court finding. Part of a $120 million Ponzi case, the decision included classifications of Olympus (OHM) and KlimaDAO (KLIMA) as commodities.<\/p>\n<p><em>&#8220;In its ruling, the court reiterated that under the Commodity Exchange Act, Bitcoin and Ether are commodities<\/em>&#8221; <strong>Behnam<\/strong> stated.<\/p>\n<p>Behnam also mentioned a 2022 Financial Stability Oversight Council (FSOC) study showing regulatory flaws in the spot market for digital assets not classed as securities. To reduce hazards to financial markets and investors, he underlined the importance of his agency taking more control over digital commodities.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Legislative_Priorities_and_Collaboration\"><\/span>Legislative Priorities and Collaboration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Behnam<\/strong> outlined five legislative priorities to enhance the regulation of digital commodities:<\/p>\n<ol>\n<li>Tailoring rules to meet the unique risk profile of cryptocurrencies.<\/li>\n<li>Establishing a permanent &#8220;fee-for-service&#8221; funding model.<\/li>\n<li>Requiring registrants to adhere to a comprehensive disclosure regime regarding their crypto assets.<\/li>\n<li>Strengthening KYC and AML capabilities for the CFTC.<\/li>\n<li>Developing a balanced framework for classifying tokens as commodities or securities under existing law, along with a comprehensive education and outreach program on crypto assets in the US.<\/li>\n<\/ol>\n<p>\u201c<em>The SEC and CFTC have a longstanding partnership that facilitates strong, robust regulation of securities and derivatives markets<\/em>\u201d <strong>Behnam<\/strong> noted. \u201cI am confident that the two agencies will continue working closely, ensuring a reliable, fair, and efficient system for listing and trading digital assets on regulated exchanges.\u201d<\/p>\n<p><i><span style=\"font-weight: 400\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two of the biggest cryptocurrencies by market capitalization, Bitcoin and Ether, are commodities and should be under his agency&#8217;s control, the head of United States commodities regulators has said. Court Decision and Regulatory Difficulties Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, Commodity Futures Trading Commission (CFTC) Chair Rostin<\/p>\n","protected":false},"author":6,"featured_media":24825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[61,1281,105,7319],"class_list":["post-24824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-bitcoin","tag-cftc","tag-ethereum","tag-rostin-behnam"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CFTC Chair Argues for Oversight of Bitcoin and Ether as Commodities - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/cftc-chair-argues-for-oversight-of-bitcoin-and-ether-as-commodities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFTC Chair Argues for Oversight of Bitcoin and Ether as Commodities - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Two of the biggest cryptocurrencies by market capitalization, Bitcoin and Ether, are commodities and should be under his agency&#8217;s control, the head of United States commodities regulators has said. 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