The chairman of the Commodity Futures Trading Commission (CFTC) has insisted that ether is a commodity, not a security as claimed by the chairman of the Securities and Exchange Commission (SEC). The CFTC chief stressed that the derivatives watchdog would not have allowed ether futures products to be listed on CFTC-regulated exchanges “if we did not feel strongly that it was a commodity asset.”
Ether Is a Commodity, Claims CFTC Chairman
The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, addressed the claim made by the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, that all crypto tokens other than bitcoin are securities at a hearing before the Senate Committee on Agriculture, Nutrition, and Forestry on Wednesday.
During the hearing, Senator Kirsten Gillibrand (D-NY) asked Behnam: “In light of Chairman Gensler’s recent suggestion that all digital assets except for bitcoin are securities, what does that mean for a number of designated contract markets [DCMs] currently offering futures or swaps on ether?” DCMs are exchanges that operate under the regulatory oversight of the CFTC.
“It would obviously raise questions about the legality of those DCMs, designated contract markets, listing these digital assets that are purported to be securities,” the CFTC chairman replied, reiterating:
I’ve made the argument that ether is a commodity.
Noting that ether-based products have been “listed on CFTC exchanges for quite some time,” Behnam said: “For that reason, it creates a very direct jurisdictional hook for us to police obviously the derivatives market but also the underlying market as well.”
He further detailed: “The process for which an exchange or DCM will list a contract is very clear under our law. They could seek approval from the Commission [CFTC] or they could self-certify a product. That self-certification process is one that shifts the responsibility to both the CFTC and the market participant.”
The CFTC chief proceeded to explain why he strongly believes that ether is a commodity. “I would say serious and deep legal analysis goes into the thought process before a product is self-certified, so there’s no doubt in my mind and having known this and been at the Commission when ether futures were listed that both the exchange and the Commission thought very deeply and thoughtfully about ‘what is the product?’ and ‘does it fall within the commodity regime or the security regime?'” He stressed:
We would not have allowed the product, in this case, the ether futures product, to be listed on a CFTC exchange if we did not feel strongly that it was a commodity asset.
“Because we have litigation risk, we have agency credibility risk if we do something like that without serious legal defense or defenses to sort of support our argument that the asset is a commodity,” Behnam concluded.
Do you think ethereum will be classified as a security or a commodity in the U.S.? Let us know in the comments section below.
today's cryptocurrency prices by market cap,
is crypto a good investment,
best cryptocurrency trading platform,
top crypto exchanges,
best crypto trading app,
best cryptocurrency exchange,
best cryptocurrency trading platform,
best crypto platform,
best platform to buy cryptocurrency,
top 10 crypto exchanges,
best crypto trading platform,
best crypto exchange,
top cryptocurrency exchanges,
best crypto broker usa,
us crypto brokers,
best crypto trading platform usa,
crypto brokers usa,
blockchain app development,
blockchain application development,
nft token development company,
top blockchain development companies,
defi development services,
smart contract development company,
cryptocurrency exchange software development company,
blockchain development services,
blockchain development company,
defi development company,
crypto accounting software,
taxbit stock,
best crypto tax software,
cryptocurrency tax software,
donate my car for tax credit,
donate your car for tax credit,
vehicle donation tax credit,
donate car for tax credit,
Forensics Online Course,
dallas accident lawyer,
car accident attorney dallas,
dallas car accident lawyer,
dallas car wreck lawyer,
truck accident lawyer dallas,
personal injury lawyer dallas,
truck accident attorney dallas,
dallas auto accident lawyer,
Best Business Phone And Broadband Deals,
structured settlement cash,
structured settlement cash now,
cash out structured settlement,
structured settlement need cash now,
cash for structured settlement payments,
get cash for structured settlement,
cash advance structured settlement,
FAQS
01 What is the safest Bitcoin trading platform?
Binance offers a relatively secure, versatile way to invest in and trade cryptocurrencies. The platform could be overwhelming for both beginners and experienced traders. Binance offers lower fees than many other cryptocurrency exchanges.
02 How do I start trading bitcoins?
03 What is the No 1 cryptocurrency?
Bitcoin (BTC)
04 Can I trust Bitcoin trading?
The short answer: No. Bitcoin is a particularly risky investment with more volatility than traditional investments of stocks, bonds and funds
05 How can I earn 1 bitcoin in one day?
1) Pionex – Use Bitcoin Growth Trading Bot to Earn Bitcoin.
2) Bitstamp – Using Staking Rewards.
3) Freecash.com – Fastest Way to Get Free Cryptos.
4) Tipping Bots And Platforms.
5) Playing Online and Offline Games.
6) Mining Browsers And Free Mining Software.
06 How do I invest in Bitcoin?
How Can I Invest in Bitcoin? You can invest in Bitcoin directly by using one of the major cryptocurrency exchanges, such as Coinbase or Binance. Another way to gain investment exposure to Bitcoin is to buy shares in a company with significant Bitcoin exposure, such as a Bitcoin mining company.
07 How to make $100 a day trading cryptocurrency?
By investing roughly $1000 while monitoring a 10% increase solely on a single combination, it is possible to earn $100 every day in bitcoin. When contrasted to spending $200 and then monitoring a 50% increase on the pairing, this strategy is more reasonable.
08 What is cryptocurrency and how it works?
A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.
09 Is cryptocurrency real money?
Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger.
from Bitcoin News https://ift.tt/jqpy52M
