CFTC Chair Changes His Mind About Bitcoin And Ethereum
The U.S. Commodity Futures Trading Commission (CFTC) has argued that Ethereum (ETH) and Bitcoin (BTC) are both commodities. That regulatory evaluation, however, seems to have undergone a significant alteration yesterday.
According to a tweet from Michael Saylor, the head of CFTC, Rostin Behnam restated that only Bitcoin should be regarded as a commodity, leading to a complete retraction of his earlier remarks in which he claimed that Ether is likewise a commodity.
Interestingly, Behnam recently stated the opposite during a speech for the Rutgers Center for Corporate Law and Governance on October 24, as Coincu reported.
Ether, I’ve suggested that it’s a commodity, I know Chairman Gensler thinks otherwise — or at least hasn’t certainly declared one or the other.said Behnam at an event in New York City hosted by Rutgers University
As late as early October, several CFTC representatives, including commissioner Christy Romero, had the same viewpoint. At a gathering, Romero declared that she continues to take the position that Ethereum is a commodity, even with proof of stake.
In recent months, Gensler, the SEC head has passionately argued that Ethereum’s switch to proof of stake and its fixed-income returns may justify classification as a security and asked for stricter enforcement actions.
All of which could be a very bad sign for the entire crypto industry. Fears that American officials may crack down more harshly on cryptocurrency in recent days following the collapse of FTX.
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