U.S. Senator John Boozman says bitcoin, although a cryptocurrency, is a commodity. 'There is no dispute about this.' $BTC crypto
U.S. Senator John Boozman says bitcoin, although a cryptocurrency, is a commodity in the eyes of the federal courts and the Securities and Exchange Commission chairman. He stressed that exchanges where commodities are traded, including bitcoin, must be regulated and the Commodity Futures Trading Commission is the right regulator for the crypto spot market.U.S. Senator John Boozman , ranking member of the U.S.
Calling the FTX collapse “shocking,” the senator said: “Public reports suggest a complete lack of risk management, conflicts of interest, and misuse of customer funds. There is simply no place for such behavior, especially in our financial markets.”Senator Boozman proceeded to talk about crypto regulation and empowering the Commodity Futures Trading Commission as the primary regulator of the crypto spot market.
If there are exchanges where commodities are traded — be it wheat, oil, or bitcoin — then they must be regulated. It is that simple. The choice not to regulate leaves consumers at the mercy of those who would prey upon them. “The CFTC has consistently demonstrated its willingness to protect consumers via enforcement actions against bad actors,” Senator Boozman continued, adding:
I am confident the CFTC is the right agency for an expanded regulatory role in the digital commodity spot market.
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