A US senator described the market’s largest cryptocurrency as a commodity, contrary to the SEC’s view. “There is no discussion about it,” says John Boozman in his statements.
US senator says SEC will consider this cryptocurrency a commodity
John Boozman said that even though Bitcoin is a cryptocurrency, it should be a commodity in the eyes of federal courts and the SEC commission. He stated that exchanges where commodities are bought and sold, including Bitcoin, should be regulated. He further emphasized that the Commodity Futures Trading Commission (CFTC) is the right regulator for the crypto spot market.
“Bitcoin is a commodity”
Boozman said on Thursday, “Why Congress Should Take Action. He spoke about Bitcoin and cryptocurrency regulations at the hearing titled “Lessons Learned from the FTX Crash.” Describing FTX’s collapse as “shocking,” the senator said, “Public reports show a complete absence of risk management, conflicts of interest, and misuse of client funds. There is absolutely no room for such behavior, especially in our financial markets.” The continuation of his statements included the following statements:
Although Bitcoin is a cryptocurrency, it is a commodity. It is a commodity in the eyes of federal courts and in the opinion of the chairman of the Securities and Exchange Commission (SEC). There is no dispute about this.
December 2, John Boozman – Speech at the hearing on Why Congress Needs to Take Action, Lessons from FTX’s CollapseSenator pushes CFTC to regulate cryptocurrency market
Senator Boozman continued to talk about crypto regulation and strengthening the Commodity Futures Trading Commission (CFTC) as the primary regulator of the crypto spot market. CFTC Rostin Behnam has previously urged Congress to be quick on crypto regulation. Boozman now says the CFTC should play a primary role in crypto regulations:
If there are exchanges where commodities such as wheat, oil or Bitcoin are traded, they should be regulated. It’s that simple. The choice not to regulate puts consumers at the mercy of those who will prey on them… The CFTC has consistently demonstrated its willingness to protect consumers through enforcement actions against bad actors.
In August, Boozman and several senators passed the Digital Commodities Consumer Protection Act to “strengthen the CFTC.” Two more laws were introduced in Congress this year to make the CFTC the primary regulator for the crypto industry. While Bitcoin is a commodity, Gary Gensler has repeatedly said that most other tokens are securities.
SEC Chairman insists most cryptocurrencies are securities
Gary Gensler, as cryptocoin.com, has renewed his view that most cryptocurrencies are securities in recent months. However, he repeatedly stressed that “the law is clear on this”. Earlier, the Commodity Futures Trading Commission (CFTC) sought authorization from Congress over crypto spot markets. Several bills have been introduced in Congress this year to give the CFTC the necessary mandate. Currently, the SEC and CFTC weigh in on cryptocurrency regulations in the US.
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