News

Bitcoin Is A Commodity, According To A US Senator

According to US Senator John Boozman, bitcoin, while a cryptocurrency, is considered a commodity by federal courts and the chairman of the Securities and Exchange Commission (SEC).

At the hearing, US Senator John Boozman (R-AR), a senior member of the US Senate Committees on Agriculture, Nutrition, and Forestry, spoke about bitcoin.

I stated that Bitcoin, while being a cryptocurrency, is a commodity. In the view of the federal court and the chairman of the SEC, it is a commodity. There is no doubt about that.

Senator Boozman proposes that the Commodity Futures Trading Commission (CFTC) be designated as the primary regulator of the Bitcoin spot market. “The CFTC has continually proved its commitment to safeguard consumers through enforcement actions against the bad guys,” he underlined.

Senator Boozman continued, “I believe the CFTC is the appropriate agency to have a regulatory role in the digital commodity spot market.”

Boozman and many senators presented the Digital Commodities Consumer Protection Act (DCCPA) in August with the goal of “empowering the CFTC over the digital commodity spot market.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Chubbi

Coincu News

Chubbi

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

1 hour ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

5 hours ago

This website uses cookies.