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US Senator John Boozman says that although Bitcoin is a cryptocurrency, it is a commodity in the eyes of federal courts and the chairman of the Securities and Exchange Commission (SEC). He emphasized that exchanges that trade in commodities, including bitcoin, must be regulated and the Futures Trading Commission (CFTC) is the right regulator in the crypto spot market.
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Bitcoin is a Commodity
US Senator John Boozman (R-AR), a member of the US Senate Agriculture, Food and Forestry Committee, spoke about bitcoin and crypto regulation in a hearing on Thursday titled "Why Congress Must Act: Lessons Learned" . Learned from the failure of FTX." The committee is responsible for overseeing US commodity markets.
He said:
Bitcoin, although it is a cryptocurrency, is a commodity. According to the federal courts and the chairman of the board, it is a commodity. a commodity. Securities and Exchange Commission (SEC). There is no dispute about that. Calling the FTX collapse "shocking," the senator said,
"Public reports point to a complete lack of risk management, conflicts of interest and misappropriation of client funds. This type of behavior simply has no place, especially in our financial markets."
Senator calls on CFTC to regulate crypto sector Senator Boozman continued to talk about crypto regulation and empowering the Commodity Futures Trading Commission (CFTC) as the main regulator of the crypto spot market. He emphasized:
If there are exchanges where commodities are traded - whether it is wheat, oil or bitcoin - they must be regulated. It's that simple. Failure to regulate leaves consumers at the mercy of those who prey on them.
“The CFTC has consistently demonstrated its willingness to protect consumers through enforcement actions against bad actors,” Senator Boozman continued, adding:
I am confident that the CFTC is the right agency for an expanded regulatory role in the digital commodity spot market.
In August, Boozman and several senators introduced the Digital Goods Consumer Protection Act (DCCPA) to give the CFTC exclusive jurisdiction over the spot market for digital goods. Two more bills have been introduced in Congress this year that aim to make the derivatives regulator the primary overseer of the crypto sector.
Although Bitcoin is a commodity, SEC Chairman Gary Gensler has repeatedly said that most other tokens are securities.
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