Recently, U.S. regulators have set off a storm of regulatory changes in the field of cryptocurrency. Among them, a series of major rulings and actions by the U.S. Commodity Futures Trading Commission (CFTC) are particularly eye-catching, triggering widespread discussion and attention in the industry. In July 2024, CFTC Chairman Rostin Behnam announced a landmark ruling at an important hearing in the digital asset industry - the Illinois court officially confirmed that Bitcoin (BTC) and Ethereum (ETH) are digital commodities under the Commodity Exchange Act. This ruling not only marks the CFTC's clear position on cryptocurrency regulation, but also foreshadows a major adjustment in the regulatory landscape.
Behnam expressed "very satisfied" with this, and he emphasized that this ruling clarified the commodity attributes of BTC and ETH, rather than securities, thus establishing the CFTC's position as the main regulator of these cryptocurrencies. He further pointed out that according to CFTC research, about 70-80% of cryptocurrencies on the market are commodities, not securities. This ratio is in sharp contrast to the view held by former SEC Chairman Gary Gensler that "most cryptocurrencies are securities", showing the deep differences among regulators on the nature of cryptocurrencies.
Behnam's statement not only demonstrates the CFTC's positive attitude and full preparation for cryptocurrency regulation, but also calls on Congress to speed up the legislative process and give the CFTC more regulatory powers to cope with the rapid development of this emerging industry. This call reflects the CFTC's determination to become the main force in cryptocurrency regulation, and it also means that the SEC's traditional dominant position in the field of cryptocurrency regulation may be challenged.
In addition, two important rulings made by the U.S. Supreme Court in June 2024 also had a profound impact on the regulatory environment of the cryptocurrency industry. The SEC v. Jarksey case established the principle that defendants have the right to request a jury trial in SEC civil cases, while the Loper Bright Enterprises v. Raimondo case overturned the "Chevron presumption" and required the court to exercise independent judgment when interpreting vague legal provisions. These rulings have restricted the SEC's law enforcement power and further weakened its strong position in cryptocurrency regulation.
Experts pointed out that this series of rulings and decisions not only brought more legal certainty to the cryptocurrency industry, but also provided a more relaxed environment for industry innovation. As the CFTC gradually becomes the leading force in cryptocurrency regulation, the entire industry is expected to usher in a clearer and more stable regulatory framework, thereby stimulating more innovative vitality and market potential.
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However, the controversy over the nature of cryptocurrencies has not subsided. Which ones should be considered securities and which ones should be classified as commodities are still issues that need to be resolved. Therefore, the regulatory game between the CFTC and the SEC will continue, and its direction will have a profound impact on the future development of the cryptocurrency industry. In this regard, the industry and investors need to pay close attention to it in order to grasp the regulatory dynamics in a timely manner and make wise investment decisions. #美联储何时降息？ #币安合约锦标赛 $SAGA $XEC $ALT
