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Bitcoin and Ethereum have been recognized as commodities in the United States

July, 12 2024
watermark Economic news

Bitcoin and Ethereum are officially recognized as digital commodities in accordance with a court decision in the United States. Is this a triumph for the cryptocurrency community? Maybe. But there may be deeper problems behind this victory.


On Wednesday, the head of the U.S. Commodity Futures Trading Commission (CFTC) announced that an Illinois court has officially recognized bitcoin (BTC) and ethereum (ETH) as digital goods in accordance with the Commodity Exchanges Act. This decision can either revolutionize the world of cryptocurrencies or plunge it into regulatory chaos. 


The classification directly contradicts the statements of the head of the U.S. Securities and Exchange Commission (SEC) Gary Gensler, who has so far recognized only bitcoin as a commodity, and classified the rest of the tokens as securities.


Last year, Gensler's position led to large-scale harassment of leading cryptocurrency companies such as Binance, Coinbase, Ripple and Uniswap Labs. The SEC argued that many tokens are securities under the Howie test and require stricter regulation. The CFTC, based on a recent court decision, insists that bitcoin and ethereum are commodities and should be subject to supervision by their department. Such a power struggle can lead to even more confusion and uncertainty in the cryptocurrency market.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.