BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Bitcoin and Ethereum Have Been Labeled a Commodity and Here is How

by Sham
July 10, 2024
in CRYPTO
Reading Time: 3 mins read
A A
1
SHARES
18
VIEWS
Share on XShare in TelegramShare on Reddit
  • CFTC Chairman Rostin Behnam said that both Bitcoin and Ethereum were ruled as commodities in the state of Illinois by a district court last week.
  • The ruling reaffirmed that Bitcoin and Ether are commodities under the Commodities Exchange Act, which is overseen by the CFTC rather than the SEC.
  • Behnam stated that between 70% and 80% of cryptocurrencies are non-securities, potentially lessening the crypto industry’s difficulties with the SEC.

A recent court ruling affirmed the commodity status of Bitcoin and Ethereum, which could have major implications for cryptocurrency regulation going forward.

ICYMI: #Bitcoin and Ethereum are commodities according to an Illinois court
pic.twitter.com/kxjYobubz6

— BlockNews.com (@blocknewsdotcom) July 10, 2024

CFTC Chair Confirms BTC and ETH as Commodities

At a Senate Committee hearing, CFTC Chairman Rostin Behnam said both Bitcoin and Ethereum were ruled as commodities in Illinois. He noted that a district court made the ruling last week, offering an important judgment for the agency.

According to Behnam, the decision reaffirmed that Bitcoin and Ether are commodities under the Commodities Exchange Act. Whether cryptocurrencies are securities or commodities has been an ongoing issue between the crypto industry and the SEC.

Commodity vs. Security Classification

In the U.S., there is an important distinction between a security and a commodity. A commodity is a basic good used in commerce that is interchangeable with similar goods. Assets like gold, oil, and agricultural products are examples.

A security indicates ownership stake in a publicly traded company. The agency that governs each asset is also significant. The CFTC oversees commodities, while the SEC regulates securities. The lack of clarity on crypto’s status has led the SEC to increase enforcement.

However, Behman stated that 70-80% of cryptocurrencies are non-securities. Regarding Bitcoin and Ethereum specifically, he said the recent ruling affirmed their commodity classification. If more courts make similar judgments, it could profoundly shift the crypto market.

The presence of BTC and ETH ETFs also sets a precedent, classifying them as commodities for ETF purposes. This could ease industry tensions with SEC Chair Gary Gensler, who has criticized crypto markets.

Conclusion

The recent court judgment that designated Bitcoin and Ethereum as commodities could influence future rulings and regulatory approaches. If more courts affirm their status as commodities rather than securities, it would delineate clearer oversight roles for the CFTC and SEC. This clarity could benefit the growth and direction of the cryptocurrency industry.

Tags: BitcoinCFTCethereumRostin Behnamsec
TweetShareShare
Previous Post

U.S. Spot Bitcoin ETFs Attract $650 Million Amid Market Fluctuations

Next Post

German Government Has Slowed Down Its Bitcoin Dumping, But is More Still to Come?

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.