CFTC Says Bitcoin is the Only Commodity | ECB Criticizes Digital Asset Sector for Facilitating Illegal Activity

Cointelegraph | Prashant Jha | Dec 1, 2022

Unsplash André François McKenzie Bitcoin - CFTC Says Bitcoin is the Only Commodity | ECB Criticizes Digital Asset Sector for Facilitating Illegal Activity

Image: Unsplash/André François McKenzie

CFTC has faced a lot of scrutiny in the wake of FTX collapse due to its ties with the crypto exchange and SBF’s efforts to put the committee as the key oversight body for crypto.

  • The chief of the United States Commodity Futures Trading Commission (CFTC), Rostin Behnam, claimed Bitcoin is the only crypto asset that can be viewed as a commodity during an invite-only crypto event at Princeton University, reported Fortune.
    • Behnam’s comments are quite a contrast to his early statements in October, where he claimed Ether could also be viewed as a commodity.

See:  New U.S. Bill Gives Crypto Oversight to the CFTC

  • The CFTC chief’s backtracking of his comments on ETH comes in the wake of heavy scrutiny of U.S regulators and accusations of corruption, with Republican lawmakers accusing the SEC chair of coordinating with FTX “to obtain regulatory monopoly.”
  • Behnam said the committee has limited oversight powers and blamed the “matrix of regulators” as an imperfect system. However, he called for better collaboration among the long list of regulatory bodies to come up with formidable regulations.

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The Guardian | Alex Hern | Nov 30, 2022

ECB European Bank criticises digital currency sector for facilitating illegal activity

  • The European Central Bank says bitcoin is on an “artificially induced last gasp before the road to irrelevance”, in a scathing intervention arguing against giving regulatory legitimacy to the cryptocurrency.
  • In a strongly worded blogpost, senior European Central Bank (ECB) staffers Ulrich Bindseil and Jürgen Schaaf criticised bitcoin for being a hotbed of illegal transactions that brings reputational risk for any bank that gets involved with the sector.

See:  ECB Publishes Macroprudential Bulletin on Stablecoins, Climate Risk, and DeFi

  • German newspaper Handelsblatt, Bindseil and Schaaf argue: “the risks of crypto assets are undisputed among regulators”.

Since bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised

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