{"id":9048,"date":"2022-12-08T23:41:46","date_gmt":"2022-12-08T23:41:46","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9048"},"modified":"2022-12-08T23:41:47","modified_gmt":"2022-12-08T23:41:47","slug":"us-senator-bitcoin-is-a-commodity-there-is-no-dispute-about-this","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9048","title":{"rendered":"US Senator: Bitcoin Is a Commodity \u2014 &#8216;There Is No Dispute About This&#8217;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>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 (SEC) chairman. He stressed that exchanges where commodities are traded, including bitcoin, must be regulated and the Commodity Futures Trading Commission (CFTC) is the right regulator for the crypto spot market.<br \/><\/strong><\/p>\n<h2>Bitcoin Is a Commodity<\/h2>\n<p>U.S. Senator John Boozman (R-AR), ranking member of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, talked about bitcoin and crypto regulation Thursday at the hearing titled \u201cWhy Congress Needs to Act: Lessons Learned from the FTX Collapse.\u201d The committee is responsible for the oversight of the U.S. commodity markets.<\/p>\n<p>He said:<\/p>\n<p>Bitcoin, although a cryptocurrency, is a commodity. It is a commodity in the eyes of the federal courts and in the opinion of the Securities and Exchange Commission (SEC) chairman. There is no dispute about this.<\/p>\n<p>Calling the FTX collapse \u201cshocking,\u201d the senator said: \u201cPublic 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.\u201d<\/p>\n<h2>Senator Pushes for CFTC to Regulate Crypto Sector<\/h2>\n<p>Senator Boozman proceeded to talk about crypto regulation and empowering the Commodity Futures Trading Commission (CFTC) as the primary regulator of the crypto spot market. He stressed:<\/p>\n<p>If there are exchanges where commodities are traded \u2014 be it wheat, oil, or bitcoin \u2014 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.<\/p>\n<p>\u201cThe CFTC has consistently demonstrated its willingness to protect consumers via enforcement actions against bad actors,\u201d Senator Boozman continued, adding:<\/p>\n<p>I am confident the CFTC is the right agency for an expanded regulatory role in the digital commodity spot market.<\/p>\n<p>In August, Boozman and several senators introduced the Digital Commodities Consumer Protection Act (DCCPA) to \u201cempower the CFTC with exclusive jurisdiction over the digital commodities spot market.\u201d Two other bills have been introduced in Congress this year to make the derivatives regulator the primary watchdog for the crypto sector.<\/p>\n<p>While bitcoin is a commodity, SEC Chairman Gary Gensler has said repeatedly that most other tokens are securities.<\/p>\n<p><em><strong>What do you think about the comments by Senator John Boozman? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-senator-bitcoin-is-a-commodity-there-is-no-dispute-about-this\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 (SEC) chairman. He stressed that exchanges where commodities are traded, including bitcoin, must be regulated and the Commodity Futures Trading Commission (CFTC) is the right regulator for the crypto spot [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-9048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9048"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9048\/revisions"}],"predecessor-version":[{"id":9050,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9048\/revisions\/9050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9049"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}