Illinois Court Confirms Bitcoin and Ethereum as Digital Commodities; CFTC Says 70-80% of Cryptos Non-Securities

Jul 10, 2024, 03:33 PM

The Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, announced that an Illinois court has confirmed Bitcoin (BTC) and Ethereum (ETH) as digital commodities under the Commodity Exchange Act. This ruling classifies these cryptocurrencies as commodities rather than securities. Additionally, Behnam stated that 70-80% of the assets in the cryptocurrency market are considered non-securities. This announcement was made during a session at the Senate Agriculture Committee.