The US Commodity Futures Trading Commission (CFTC) stated in its Dec. 13 court filing against FTX founder Sam Bankman-Fried that digital assets such as Bitcoin (BTC), Ethereum (ETH) ) and Tether (USDT) are commodities.
Source: CFTC court documents
CFTC wrote that these digital assets are commodities because they meet the definition of the term as defined by the US Constitution.
Does the CFTC Chairman have a different opinion?
While the CFTC lawsuit said that ETH was a commodity, CFTC Chairman Rostin Behnam appears to have a different take on the asset.
At a recent private crypto event at Princeton University, Benham said that BTC was the only cryptocurrency that should be classified as a commodity.
The statement contrasted with previous ones made by the chief regulator. In May, Benham said that Bitcoin and Ethereum were eligible to be labeled as commodities in a CNBC interview.
He also reportedly made a similar statement at an event in New York in October, suggesting that SEC Chairman Gary Gensler has a different opinion.
After ETH migrated to the proof-of-stake network, Gensler reportedly said that cryptocurrencies that allow staking could qualify as securities under the Howey proof.
Meanwhile, token classification remains a major issue in the US, as regulators have failed to clarify how assets can be classified. Currently, the SEC and crypto payment firm Ripple are engaged in a two-year legal battle to determine whether XRP sales qualify as securities.
Other countries such as Belgium declared that assets without issuers, such as Bitcoin and Ethereum, are not securities, while the Canadian Securities Administrators (CSA) recently said that stablecoins could be securities or derivatives.
Read our latest market report
Obtain a Edge in the Cryptomarket 👇
Become a member of CryptoSlate Edge and get access to our exclusive Discord community, plus exclusive content and analysis.
Join now for $19/month Explore all the benefits
This post The CFTC considers Bitcoin, Ethereum and Tether to be commodities
was published first on https://cryptoslate.com/cftc-considers-bitcoin-ethereum-tether-to-be-commodities/