The representative of the Congress from the state of Arkansas, the Republican senator is sure that the federal courts and the chairman of the Securities and Exchange Commission (SEC) consider bitcoin a commodity.
John Boozman believes that since bitcoin is a commodity, the cryptocurrency exchanges trading it should be regulated by the Commodity Futures Trading Commission (CFTC):
“Bitcoin, although a cryptocurrency, is a commodity. It is a commodity in the eyes of the federal courts and in the opinion of the chairman of the SEC. There is no doubt about this. All commodities on the exchange, be it wheat, oil or bitcoin, should be regulated. If not regulated, then leaving investors at the mercy of those who want to profit from them.
Boozman noticed that although the FTX exchange was foreign, it brought losses to investors from the United States. According to him, the CFTC is the appropriate agency to regulate digital goods, including bitcoin and therefore any crypto exchange offering bitcoin trading.
The congressman said the CFTC can help clients by creating and implementing constructive and workable regulatory structures to protect markets. The senator cited the futures market as an example of the successful work of the CFTC, which turned out to be one of the most stable during the crisis.
In November, US senators reported that due to the collapse of FTX, Congress has stepped up work on a law on consumers of digital goods.
Source: Bits
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