US Senator John Boozman said Bitcoin It’s a virtual currency, but it’s a commodity in the eyes of federal courts and the chairman of the Securities and Exchange Commission (SEC). He stressed that exchanges where commodities, including bitcoin, are traded must be regulated and that the Commodity Futures Trading Commission (CFTC) is the appropriate regulator of the cryptocurrency spot market.
Bitcoin is a Commodity
Senator John Boozman (R-AR), Ranking Member of the U.S. Senate Committee on Agriculture, Nutrition and Forestry, on Bitcoin Told Thursday, crypto regulation at a hearing titled “Why Congress Needs to Take Action: Lessons Learned from the FTX Collapse.” This commission is responsible for overseeing the US commodity market.
He said:
Bitcoin is a cryptocurrency, but it is a commodity. In the eyes of federal courts and in the opinion of the chairman of the Securities and Exchange Commission (SEC), it is a commodity. I have no objection to this.
The Senator called the collapse of FTX “shocking” and said: There is absolutely no place for such actions, especially in our financial markets.
Senator Pushes CFTC to Regulate Crypto Sector
Senator Boozman spoke about regulating cryptocurrencies, calling the Commodity Futures Trading Commission (CFTC) a cryptocurrency We talked about strengthening as the main regulator of the spot market. He emphasized:
If there are exchanges where commodities such as wheat, oil and bitcoin are traded, they must be regulated. It’s that simple. Choosing not to regulate is at the mercy of those who prey on consumers.
“The CFTC has consistently demonstrated its willingness to protect consumers through enforcement actions against bad actors,” continued Senator Boozman, adding: rice field.
Appropriate bodies to expand the role of regulation in the spot market for digital commodities.
In August, Boozman and several senators passed the Digital Goods Consumer Protection Act (DCCPA) to “he gives the CFTC exclusive jurisdiction over the digital goods spot market.” has been introduced. Two more bills were introduced in Congress this year to make derivatives regulators the primary oversight bodies for the cryptocurrency sector.
Bitcoin is a commodity, but SEC Chairman Gary Gensler has repeatedly stated that most other tokens are securities.
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