BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

US Joint Committee Hearing on Crypto Regulation

BlockNews Team by BlockNews Team
May 10, 2023
in BREAKING NEWS, CRYPTO, FINANCE, INVESTING, POLITICS
Reading Time: 2 mins read
2
SHARES
29
VIEWS
Share on XShare in TelegramShare on Reddit

Former CFTC Director of Futures and Derivatives States 70% of Cryptocurrencies are Commodities

Securities in the United States are a category of asset that returns value for investors. This asset class is highly regulated in the name of consumer protection because of the risk that these assets will lose weight for investors. If an asset meets the Security and Exchange Commission’s (SEC) Howey Test criteria, it will be considered a security and regulated as such. 

The Howey Test holds that if an asset requires the investment of money in a joint enterprise with an expectation of profit derived from the efforts of others, it is a security. An expectation of profit derived from the actions of others refers to the promotion of the potential returns of an asset to investors by a third party. 

The status of cryptocurrencies as securities or commodities has long been debated in Congress to determine how to regulate the digital asset space. At today’s joint committee hearing between the House Agriculture Committee and Financial Services Committee—entitled The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets—Matthew Kulkin, the former Director of the US Commodity Future Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight, suggested that over 70% of cryptocurrencies in circulation are commodities: 

“70% of digital commodities traded today have already been deemed commodities by the CFTC as a body opposed to any chairman, commissioner, or staff.” 

Kulkin offered this suggestion because most cryptocurrencies are subject to heavy retail investment and have had spot markets emerge around their trading. Today’s hearing seeks to work towards two outcomes. Firstly, to amend existing financial laws to account for digital assets to keep crypto in the United States. Secondly, this hearing seeks to determine which regulatory body in the US, either the SEC or CFTC, will have jurisdiction over regulating cryptocurrency.

Kulkin’s suggestion is accurate as most cryptocurrencies can be considered commodities because they are digital assets traded on various exchanges and have a standardized value and quantity. As a result, the value of cryptocurrencies is primarily determined by market demand and supply. This is similar to how market forces determine the value of commodities such as gold or oil. 

The fixed supplies of specific cryptocurrencies and increasing demand can lead to price fluctuations like those observed in commodity markets. In addition, cryptocurrencies can also be used as a means of exchange, like commodities. 

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: CFTCcryptoCrypto RegulationUS
Tweet1ShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

XRP and Dogecoin ETFs Launch in U.S. – Here’s Why Investors Are Watching Closely
CRYPTO

XRP and Dogecoin ETFs Launch in U.S. – Here’s Why Investors Are Watching Closely

September 18, 2025
Shibarium Hack: $4.1M Exploit Forces Bridge Shutdown – Here’s What You Need to Know
CRYPTO

Shibarium Hack: $4.1M Exploit Forces Bridge Shutdown – Here’s What You Need to Know

September 18, 2025
Dogecoin Breakout Alert: Can DOGE Really Soar 111% By September’s End? Here’s What You Need to Know
CRYPTO

Dogecoin Breakout Alert: Can DOGE Really Soar 111% By September’s End? Here’s What You Need to Know

September 18, 2025
Ripple CEO Drops Bombshell: XRP Could Join White House Crypto Stockpile and ETF Approval Soon
CRYPTO

Ripple CEO Drops Bombshell: XRP Could Join White House Crypto Stockpile and ETF Approval Soon

September 18, 2025
Solana Faces “Most Important” Sell Wall Amid Whale Sell-Off Concerns
CRYPTO

Solana Faces “Most Important” Sell Wall Amid Whale Sell-Off Concerns

September 18, 2025
Polygon Takes the Lead in RWA Market With $1.1B Locked, Dune Report Reveals
CRYPTO

Polygon Takes the Lead in RWA Market With $1.1B Locked, Dune Report Reveals

September 18, 2025
Load More

Related News

XRP and Dogecoin ETFs Launch in U.S. – Here’s Why Investors Are Watching Closely

XRP and Dogecoin ETFs Launch in U.S. – Here’s Why Investors Are Watching Closely

September 18, 2025
Shibarium Hack: $4.1M Exploit Forces Bridge Shutdown – Here’s What You Need to Know

Shibarium Hack: $4.1M Exploit Forces Bridge Shutdown – Here’s What You Need to Know

September 18, 2025
Ripple’s RLUSD Explodes 10x as DBS, SBI & Templeton Unveil Tokenized Yield System – Here’s What It Means for Investors

Ripple’s RLUSD Explodes 10x as DBS, SBI & Templeton Unveil Tokenized Yield System – Here’s What It Means for Investors

September 18, 2025
XRP Price Prediction September 2025: Will Ripple’s Token Follow BNB to New Highs? Here’s What You Need to Know

XRP Price Prediction September 2025: Will Ripple’s Token Follow BNB to New Highs? Here’s What You Need to Know

September 18, 2025
Dogecoin Breakout Alert: Can DOGE Really Soar 111% By September’s End? Here’s What You Need to Know

Dogecoin Breakout Alert: Can DOGE Really Soar 111% By September’s End? Here’s What You Need to Know

September 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

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

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews