Bitcoin (BTC) and Ether (ETH) are commodities, while the status of XRP is still unclear, the chairman of the Commodity Futures Trading Commission (CFTC) said.
CFTC Chairman Heath Tarbert has reiterated the regulator’s stance on both Bitcoin and Ether in an interview with online news outlet Cheddar on Jan. 13. Tarbert said:“So right now, Bitcoin and Ether are the two that we think fall under our jurisdiction.”
In the United States, the CFTC is responsible for regulating commodities, while securities fall under the Securities Exchange Commission. At the same time, the chairman has apparently for the first time expressed his thoughts about XRP — the third-largest cryptocurrency by market capitalization. Which is to say, the CFTc remains unsure.Tarbert purportedly speaks about XRP in commodity-security context for the first time
According to Tarbert, the regulatory status of XRP is still unclear so far, despite the CFTC work with the United States Securities and Exchange Commission (SEC) to “to really think about which falls in what box” over the past year. Tarbert said:“We’ve been working closely with the SEC over the last year or so to really think about which falls in what box because I think if I hear anything from market participants it’s that we really need clarity. That without clarity it’s really difficult to figure out how these will eventually be regulated.” CFTC allows futures markets to develop based on cryptocurrencies
Additionally, the CFTC chairman also reiterated his positive stance towards the market of digital assets, noting that the authority has been actively contributing into the market. Tarbert noted:“In many ways, what we are regulating, we are creating a market for digital assets, so we are allowing digital assets — the ones that fall within our jurisdiction which is, primarily, they have to be a commodity.”
The chairman continued to say that by allowing cryptocurrencies to “come into the world...