The community hopes that the CFTC’s allegation will end claims that staked coins meet the Howey Test’s definition of securities. In a court filing on December 13, the CFTC declared Etherium to once again be a commodity, in contradiction to remarks made by the agency’s head, Rostin Behnam, that Bitcoin was the only cryptocurrency that must be regarded as a product.
The regulator alluded to Ether, Bitcoin, and Tether USDT, among other things, on numerous occasions under American law in its action against FTX, Sam Bankman-Fried, and Alameda Research as commodities. In recent weeks, there seems to have been significant dissent inside the CFTC about whether this coin must be treated as a product. At a crypto symposium at Princeton University, Rostin Benham, CFTC chief, suggested that only bitcoin should be considered a commodity, reversing earlier statements that Ethereum might potentially qualify.
Views On Ether’s Court Filing In Crypto Market
Gary Gensler, the SEC’s chairman, has also been unsure about his position on Ether recently. Jim Cramer, In a dialogue on the Mad Money show on June 27, Gensler said that he would only remark that Bitcoin was a commodity. In the past, Gensler has claimed that while the coin was once a security, it has subsequently turned more dispersed and transformed into a utility. After it switched to proof-of-stake, his position seemed to have changed once more in September when he asserted that staked dockets might qualify as securities under the Howey test.
Bitcoin skeptic At a finance conference on December 6, Jeffrey Sprecher, CEO of Intercontinental Exchange Inc., expressed confidence that crypto assets will be treated like securities and that this will lead to greater consumer protections. Senator Elizabeth Warren currently seems to be working on a legal draft that would provide the SEC with the majority of the regulative supervisory over the cryptocurrency industry.
