According to US Senator John Boozman, bitcoin, while a cryptocurrency, is considered a commodity by federal courts and the chairman of the Securities and Exchange Commission (SEC).
At the hearing, US Senator John Boozman (R-AR), a senior member of the US Senate Committees on Agriculture, Nutrition, and Forestry, spoke about bitcoin.
I stated that Bitcoin, while being a cryptocurrency, is a commodity. In the view of the federal court and the chairman of the SEC, it is a commodity. There is no doubt about that.
Senator Boozman proposes that the Commodity Futures Trading Commission (CFTC) be designated as the primary regulator of the Bitcoin spot market. “The CFTC has continually proved its commitment to safeguard consumers through enforcement actions against the bad guys,” he underlined.
Senator Boozman continued, “I believe the CFTC is the appropriate agency to have a regulatory role in the digital commodity spot market.”
Boozman and many senators presented the Digital Commodities Consumer Protection Act (DCCPA) in August with the goal of “empowering the CFTC over the digital commodity spot market.”
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