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CFTC chief says Bitcoin is the main commodity following FTX breakdown


CFTC has been subjected to a lot of scrutiny in the aftermath of the FTX collapse due to its links with the crypto exchange and SBF’s attempts to position it as the primary oversight body for crypto.
During an invitation-only crypto event at Princeton University, Rostin Behnam, the head of the United States Commodity Futures Trading Commission (CFTC), claimed Bitcoin is the only crypto asset that can be viewed as a commodity, according to Fortune.

Behnam’s remarks are in stark contrast to his initial statements in October, in which he said Ether could also be regarded as a commodity.
the CFTC chief was answering a question about which crypto assets should be classified as commodities and which ones should be classified as securities.
The CFTC chief’s backtracking of his remarks on ETH comes as a result of intense scrutiny by US regulators and accusations of corruption, with Republican lawmakers accusing the SEC chair of coordinating with FTX “to obtain regulatory monopoly.

The debate over which cryptocurrencies qualify as commodities under the bill has been a long-running one.
Bitcoin is generally considered non-security due to its true decentralized nature, whereas Ether and other Cryptocurrencies have been a contentious issue.
Ripple is now facing a security lawsuit from the SEC, which is also pending.
in the aftermath of the FTX crypto exchange collapse, the American financial regulator has found itself in tumultuous waters as a result of its relationship with the exchange.

The proposed Senate legislation called the Digital Commodities Consumer Protection Act (DCCPA) was going to give the commission oversight capacity, but the chief of the commission defended the commission’s actions, saying they don’t have the luxury of waiting.
Thematrix of regulators is an imperfect system and the committee has limited oversight powers.
He called for better collaboration among regulatory bodies to come up with formidable regulations.

A congressional hearing is scheduled for December. 1, The collapse of the FTX exchange was discussed.

The ties between former CEO Sam Bankman-Fried and US policymakers have been questioned by many in the community.
A recent report claimed that 8 U.S, The congressman tried to stop the SEC from looking into FTX.

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