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🛑ILLINOIS COURT DECLARES BTC AND ETH AS COMMODITIES

🛑ILLINOIS COURT DECLARES BTC AND ETH AS COMMODITIES

Day: 10 | Time: 00:07:20 According to CryptoPotato, Rostin Benham, the chairman of the Commodities and Futures Trading Commission (CFTC), announced that an Illinois court has officially declared Bitcoin (BTC) and Ethereum (ETH) as commodities. This decision was made during a hearing by the US Senate committee on Wednesday, putting an end to the CFTC's dispute with the sister agency over the classification of these cryptocurrencies. The court's decision is based on a summary judgment issued by Judge Mary Rowland in a US district court in Illinois on July 3. The judgment was part of a cryptocurrency-related case in which the defendants were found guilty of fraud and failure to register under the Commodity Exchange Act. The defendant, Sam Ikkurty from Oregon, had attracted investors to his funds by promising them annualized returns of 15% paid in "digital commodities", including BTC and ETH. The CFTC's press release last Wednesday stated that not only Bitcoin and Ethereum fall under the CFTC's jurisdiction, but also "OHM and Klima, two non-Bitcoin virtual currencies... are considered commodities". While the regulatory classification of Bitcoin has been clear for some time, there has been more uncertainty regarding Ether. The Securities and Exchange Commission (SEC) has not provided a clear statement on how it considers the asset within its jurisdiction. However, recent developments have led the cryptocurrency industry to presume that Ether has been accepted as a commodity. In May, the SEC approved the listing of spot Ether ETFs, referring to the products as "commodity-based trust shares" in the approval order. They also concluded their investigation into Consensys last month regarding the issue of whether ETH is an unregistered security. During his testimony, Benham asked the legislative authority of Congress to grant the CFTC explicit power to require registrants to provide information on the structure of their commodity-based tokens before launching them. He suggested that the committee should consider a disciplined and balanced framework for determining tokens as commodities or securities under existing law.

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Source: https://www.binance.com/en/square/post/2024-07-10-illinois-court-declares-bitcoin-and-ethereum-as-commodities-10627090875401