Re:Crypto Faces Legal Reckoning as SEC Prepares Action Again...
by ericd on Saturday March 25, 2023 @04:32PM
(#35306994)
I thought the status was that BTC was considered a commodity, and basically all the rest were considered securities?
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Re:Crypto Faces Legal Reckoning as SEC Prepares Action Again...
by michaelsbradley on Saturday March 25, 2023 @05:16PM
(#35307474)
The chairman of the Commodities and Futures Trading Commission, Rostin Behnam, told the Senate Agriculture Committee on 09 March 2023 that Ethereum, the second-largest cryptocurrency next to Bitcoin, is a commodity. "We would not have allowed the Ether futures product to be listed on a CFTC exchange if we did not feel strongly that it was a commodity asset," he elaborated, stating that his agency has "serious legal defences" to support their case.
https://decrypt.co/123032/cftc-chair-says-ethereum-is-a-comm...
Re:Crypto Faces Legal Reckoning as SEC Prepares Action Again...
by ericd on Saturday March 25, 2023 @08:26PM
(#35309166)
Ah, good to know, thanks!
Re:Crypto Faces Legal Reckoning as SEC Prepares Action Again...
by michaelsbradley on Saturday March 25, 2023 @11:01PM
(#35310349)
Well, embarrassingly I made a typo, it should have been 08 March 2023, but no matter.
Re:Crypto Faces Legal Reckoning as SEC Prepares Action Again...
by lowkey on Saturday March 25, 2023 @07:48PM
(#35308835)
That is correct. Gary Gensler, head of the SEC, had publicly stated that he considers Bitcoin a commodity, not a security.
Re:Crypto Faces Legal Reckoning as SEC Prepares Action Again...
by toomim on Sunday March 26, 2023 @06:52PM
(#35320557)
But it is not correct that "all the rest" are considered securities.
Also, the SEC does not determine what is and is not a security. That is determined in court. Gary Gensler can give guidance on what the SEC will take to court, but he is not the final word on what is a security.