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by perfect_kiss
1185 days ago
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from CFTC complaint (reading at https://www.cftc.gov/media/8351/%20enfbinancecomplaint032723...) > Certain digital assets, including BTC, ETH, LTC, and at least two fiat-backed stablecoins,
tether (“USDT”) and the Binance USD (“BUSD”), as well as other virtual currencies as alleged
herein, are “commodities,” as defined under Section 1a(9) of the Act, 7 U.S.C. § 1a(9). This is interesting, it appears ETH was named a commodity in some US federal legal document. Interesting to see how this will play out in court. Should this override SEC statements about ETH being a security ? |
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CFTC regulates commodities, so of course they will say things they want to regulate are commodities. OTOH SEC regulates securities, so they will say things are securities.
See also the way any kind of fraud can become "securities fraud" if you have investors. Basically, if your business involves defrauding customers, that is likely going to negatively impact stock price when it comes out, and if you lied and told shareholders you were not defrauding customers, you are also defrauding shareholders thus securities fraud thus SEC jurisdiction.