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The U.S. Commodity Futures Trading Commission (CFTC) stated in its Dec. 13 court filing against FTX founder Sam Bankman-Fried that digital assets like Bitcoin (
$63,140.00 ) (BTC), Ethereum (
$1,682.40 ) (ETH), and Tether (USDT) are commodities.
Source: CFTC Court Filing
CFTC wrote that these digital assets are commodities because they meet the definition of the term as defined by the U.S. Constitution.
Does the CFTC Chairman hold a different opinion?
While the CFTC lawsuit said ETH was a commodity, CFTC chairman Rostin Behnam appears to hold a different opinion of the asset.
At a recent private crypto event at Princeton University, Benham said BTC was the only cryptocurrency that should be classified as a commodity.
The statement was in contrast to previous ones made by the regulatory chief. In May, Benham said Bitcoin ( $63,140.00 ) and Ethereum ( $1,682.40 ) were fit to be labeled commodities in a CNBC interview.
He also reportedly made a similar statement at a New York event in October, suggesting that the SEC chair Gary Gensler has a different opinion.
After ETH migrated to the proof-of-stake network, Gensler reportedly said cryptocurrencies that allow staking could qualify as securities under the Howey test.
Meanwhile, token classification remains a significant issue in the US as regulators have failed to clarify how assets can be classified. Presently, the SEC and crypto payment firm Ripple is involved in a two-year-long legal battle to determine if the sales of XRP (
$1.16 ) qualify as securities.
Other countries like Belgium declared that assets without issuers, like Bitcoin ( $63,140.00 ) and Ethereum ( $1,682.40 ) , are not securities, while Canada’s Securities Administrators (CSA) recently said stablecoins could be securities or derivatives.
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