US Senator: Bitcoin Is a Commodity — ‘There Is No Dispute About This’

U.S. Senator John Boozman says bitcoin, though a cryptocurrency, is simply a commodity successful the eyes of the national courts and the Securities and Exchange Commission (SEC) chairman. He stressed that exchanges wherever commodities are traded, including bitcoin, indispensable beryllium regulated and the Commodity Futures Trading Commission (CFTC) is the close regulator for the crypto spot market.

Bitcoin Is a Commodity

U.S. Senator John Boozman (R-AR), ranking subordinate of the U.S. Senate Committee connected Agriculture, Nutrition, and Forestry, talked astir bitcoin and crypto regularisation Thursday astatine the proceeding titled “Why Congress Needs to Act: Lessons Learned from the FTX Collapse.” The committee is liable for the oversight of the U.S. commodity markets.

He said:

Bitcoin, though a cryptocurrency, is simply a commodity. It is simply a commodity successful the eyes of the national courts and successful the sentiment of the Securities and Exchange Commission (SEC) chairman. There is nary quality astir this.

Calling the FTX illness “shocking,” the legislator said: “Public reports suggest a implicit deficiency of hazard management, conflicts of interest, and misuse of lawsuit funds. There is simply nary spot for specified behavior, particularly successful our fiscal markets.”

Senator Pushes for CFTC to Regulate Crypto Sector

Senator Boozman proceeded to speech astir crypto regularisation and empowering the Commodity Futures Trading Commission (CFTC) arsenic the superior regulator of the crypto spot market. He stressed:

If determination are exchanges wherever commodities are traded — beryllium it wheat, oil, oregon bitcoin — past they indispensable beryllium regulated. It is that simple. The prime not to modulate leaves consumers astatine the mercy of those who would prey upon them.

“The CFTC has consistently demonstrated its willingness to support consumers via enforcement actions against atrocious actors,” Senator Boozman continued, adding:

I americium assured the CFTC is the close bureau for an expanded regulatory relation successful the integer commodity spot market.

In August, Boozman and respective senators introduced the Digital Commodities Consumer Protection Act (DCCPA) to “empower the CFTC with exclusive jurisdiction implicit the integer commodities spot market.” Two different bills person been introduced successful Congress this twelvemonth to marque the derivatives regulator the superior watchdog for the crypto sector.

While bitcoin is simply a commodity, SEC Chairman Gary Gensler has said repeatedly that most different tokens are securities.

What bash you deliberation astir the comments by Senator John Boozman? Let america cognize successful the comments conception below.

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