Commodity Futures Trading Commission (CFTC) chief Rostin Benham declared Bitcoin the only cryptocurrency to be considered a commodity. This reports Fortune and refers to a crypto event at Princeton University.
Benham stressed the dangers of an unregulated crypto market, citing the FTX collapse and urging the need for legislation.
He further stated that the “only cryptocurrency that should be considered a commodity is bitcoin”.
Although the CFTC chairman praised the cooperation between agencies, he found the "regulatory matrix to be an imperfect system."
As recently as late October , the SEC and CFTC were facing disagreements over Ethereum.
It remains to be seen how his statements will ultimately affect the future regulation of the crypto market and Ethereum.
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