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{"id":27669,"date":"2023-03-28T21:47:19","date_gmt":"2023-03-28T21:47:19","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/03\/28\/are-cryptocurrencies-commodities-or-securities-depends-on-which-us-agency-you-ask\/"},"modified":"2023-03-28T21:47:22","modified_gmt":"2023-03-28T21:47:22","slug":"are-cryptocurrencies-commodities-or-securities-depends-on-which-us-agency-you-ask","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/03\/28\/are-cryptocurrencies-commodities-or-securities-depends-on-which-us-agency-you-ask\/","title":{"rendered":"Are cryptocurrencies commodities or securities? Depends on which US agency you ask"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/03\/28\/are-cryptocurrencies-commodities-or-securities\/<\/a><\/br>
\nAre cryptocurrencies commodities or securities? Depends on which US agency you ask<\/br>
\n2023-03-28 21:47:19<\/br><\/p>\n

\n

Both the CFTC and SEC view bitcoin as a commodity for now, though<\/h2>\n
\n
\n\t\t\t
\n\t\t\tJacquelyn Melinek\t\t<\/a>
\n\t\t
\n\t\t\t\t\t\t9 hours\t\t<\/span>\n\t<\/div>\n<\/p><\/div>\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

It\u2019s a confusing<\/span> time to be a crypto company. The markets are volatile and trading activity is shaky right now, but the biggest problem for crypto firms seems to be that there\u2019s no clarity at the moment around the laws they\u2019re supposed to be in alignment with.<\/p>\n

Take, for instance, what the U.S. Commodity Futures and Trading Commission (CFTC) considers crypto to be: In its lawsuit<\/a> against the crypto exchange Binance and its CEO, the CFTC alleged the firm violated trading and derivative rules, and referred to the two largest cryptocurrencies, bitcoin and ether, as commodities<\/em>.<\/p>\n

Per the CFTC\u2019s filing<\/a> against Binance, the regulator said certain digital assets, including bitcoin, ether, litecoin and \u201cat least two fiat-backed stablecoins,\u201d tether and the Binance USD, \u201cas well as other virtual currencies as alleged herein, are \u2018commodities.\u2019\u201d<\/p>\n

The complaint also alleged that Binance and the respective parties charged \u201csolicited and accepted orders, accepted property to margin and operated a facility for the trading of futures, options, swaps and leveraged retail commodity transactions involving digital assets that are commodities.\u201d<\/p>\n

This stance is \u201ca significant issue if the same company [and] exchange is sued by multiple agencies for the same tokens,\u201d Yankun Guo, partner at Chicago-based law firm Ice Miller, told TechCrunch+. \u201cThis stand is also a stark contrast to the position taken by the SEC and possibly weakens the SEC\u2019s argument that the tokens are securities.\u201d<\/p>\n

The CFTC\u2019s viewpoint diverges from another major U.S. government agency, the Securities and Exchange Commission (SEC), which views most crypto assets (aside from Bitcoin) as securities.<\/p>\n

Earlier this month, SEC Chair Gary Gensler told Bloomberg<\/a> that the crypto market, while smaller than capital markets, is \u201cnot necessarily compliant\u201d compared to traditional finance.<\/p>\n

At the SEC, there\u2019s \u201cone goal,\u201d Gensler said: \u201cFor them to come into compliance. [\u2026] They can call themselves crypto exchanges or lending or staking as a service or other intermediaries. [Our goal is for them] to come into compliance and ensure that they don\u2019t mislead the public or commingle the funds or take the publics\u2019 funds and do things we don\u2019t allow in our financial markets.\u201d<\/p>\n

Gensler compared it to how the SEC doesn\u2019t allow the New York Stock Exchange to play with customers\u2019 funds, make markets, run hedge funds or be in the clearing business. \u201cWe separate out those conflicts,\u201d he added.<\/p>\n

The CFTC and SEC did not immediately respond to requests for comment.<\/p>\n

So are cryptocurrencies commodities or securities? Well, it depends on who you ask. As someone who\u2019s been covering this space, I can empathize with firms offering crypto trading on this, as it feels wishy-washy. Almost like if your mom told you one thing, but your dad told you another. Who are you going to listen to?<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/03\/28\/are-cryptocurrencies-commodities-or-securities\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/03\/28\/are-cryptocurrencies-commodities-or-securities\/ Are cryptocurrencies commodities or securities? Depends on which US agency you ask 2023-03-28 21:47:19 Both the CFTC and SEC view bitcoin as a commodity for now, though Jacquelyn Melinek 9 hours It\u2019s a confusing time to be a crypto company. The markets are volatile and trading activity is shaky right now, but the biggest […]<\/p>\n","protected":false},"author":1,"featured_media":27670,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-27669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nAre cryptocurrencies commodities or securities? 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