Ethereum

Chair

Bitcoin

Gary

<ul>
 <li>The majority (70-80%) of tokens in the crypto market are not securities as per Behnam.</li>
 <li>Behnam states that a court in Illinois has recognized Bitcoin and Ethereum as commodities.</li>
</ul>
The Senate Agriculture Committee recently heard testimony from <a href="https://thenewscrypto.com/u-s-cftc-adds-aptos-labs-ceo-to-digital-assets-subcommittee/" target="_blank" rel="noopener noreferrer nofollow">CFTC</a> Chairman Rostin Behnam, who addressed the topic of digital asset categorization in the context of the crypto market. Bitcoin (<a href="https://thenewscrypto.com/malaysia-plans-crackdown-on-bitcoin-miners-amidst-illegal-mining-surge/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="http://ethereum.org" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) were acknowledged as commodities under the Commodity Exchange Act by the U.S. Illinois court, according to Behnam.
Additionally, he brought attention to the fact that, contrary to what <a href="http://sec.gov" target="_blank" rel="noopener noreferrer nofollow">SEC</a> Chairman Gary Gensler has said, the majority (70-80%) of tokens in the crypto market are not securities.
<h3 class="wp-block-heading" id="h-providing-legal-clarity">Providing Legal Clarity</h3>
Moreover, according to Behnam’s testimony, the Illinois court had determined that cryptocurrencies like Bitcoin and Ethereum fall within the purview of the Commodity Futures Trading Commission (CFTC). Also, consistent with the CFTC’s position, this categorization differentiates these leading digital assets from other tokens that may be deemed securities.
With this ruling in place, the CFTC will have more authority to regulate Bitcoin and Ethereum as commodities. Thus, following a well-defined regulatory framework.
Furthermore, Behnam states that a court in Illinois has recognized Bitcoin and Ethereum as commodities. Highlighting the fact that their status has been officially recognized. Also, given the continuing debate over how different digital assets should be classified legally. This clarification is very important for providing legal clarity.
Behnam, speaking about the digital asset market as a whole, said that between 70-80 percent of tokens are not securities. This contradicts what SEC Chairman Gary Gensler has said in the past, which is that the majority of cryptocurrencies are securities. The two regulatory bodies in charge of the financial markets have fundamentally different approaches, as Behnam’s stance shows.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/malaysia-plans-crackdown-on-bitcoin-miners-amidst-illegal-mining-surge/" target="_blank" rel="noopener noreferrer nofollow">Malaysia Plans Crackdown on Bitcoin Miners Amidst Illegal Mining Surge</a>

Majority of Cryptocurrencies Are Non-Securities as per CFTC Chair Behnam

Table of Contents

TheNewsCrypto

Other articles published on Jul 11, 2024

Chainlink and Avalanche Traders Are Rushing to Join the Most Viral Presale of This Year

List Of Top Four Undervalued Altcoins Worth Looking Into

DOT Attracts Attention with Price Increase

Live Your Crypto Dream with Qubetics Whitelist, Time to Forget Binance and Ripple

New Layer-2 Meme Coin ‘Pepe Unchained’ Hits $3 Million Milestone Amid Market Downturn

FET Loses Steam: Will Bulls Defend The $1 Mark Amidst Selloff?

Join our free newsletter for daily crypto updates!