Bitcoin is the only true commodity, while the rest of the cryptocurrencies are proven securities, argued the BTC bull.
Following years of lack of regulatory clarity, the US authorities finally received a bill proposition that aims to shed some light on how the local watchdogs could oversee the cryptocurrency industry. Spearheaded by Sen. Cynthia Lummis , with bipartisan support from Kirstin Gillibrand and Ted Cruz , the bill aims to classify most digital assets as commodities and provide more power to the CFTC instead of the Gensler-led SEC.
As most expected, the bill categorizes the primary cryptocurrency as a commodity – something that the US authorities have admitted in the past as well. Moreover, insiders reportedly claimed that Ethereum will also receive the same classification.
The Lummis bill is a political junk attempting to attract lots of lobbying money from disgraced shitcoiners and shows a complete misunderstanding of securities laws, and the functioning of the SEC and CFTC, while also showing an exceptional misunderstanding of Bitcoin.”Keiser paid special attention to Ripple and the company’s legal battle against the SEC, aiming to determine whether the firm broke the Securities Act by selling XRP as an unregistered security.
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