CFTC Chair: Bitcoin Is The Only Commodity

CFTC Chair: Bitcoin Is The Only Commodity. 

Speaking on the future of cryptocurrencies and crypto regulation following the massive fall and bankruptcy of crypto exchange FTX, chair of the CFTC has suggested that Bitcoin is the only crypto asset that can be considered a commodity.

Bitcoin The True Commodity

Back in October, CFTC chair Rostin Behnam claimed both Bitcoin and Ethereum could be viewed as commodities. At the time, Behnam claimed Ethereum’s change from Proof-of-Work to Proof-of-Stake doesn’t change the fact that it would still be considered as a commodity along with Bitcoin.

Despite these earlier statements however, the chairman seems to have completely changed his views during his speech at the Princeton University on Wednesday. 

CFTC Chairman has just changed his mind about Ethereum being a commodity…

— Heidi (@blockchainchick) December 1, 2022

Related: Bitcoin & Ethereum Recover After FED Chair Hints At Easing Rate Hikes

Regulations In Wake Of FTX

The CFTC Chair also made a few comments about the importance of crypto regulations following the fall and bankruptcy of FTX. 

Behnam defended himself and his commission from criticism accusing them of not doing enough to prevent FTX’s collapse. Behnam argued that his committee has ‘limited oversight powers’ and instead blamed the lack of proper regulations.

The chairman then calls for lawmakers and policymakers to quickly make better regulations, citing that doing this as quickly as possible was the best way to ensure that another major crypto company collapse like FTX won’t happen again. 

“We don’t have the luxury of waiting,” Behnam said.

Related: Apple Blocks Coinbase Wallet Users From Sending NFTs

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