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Crypto News: The Commodity Futures Trading Commission’s (CFTC) lawsuit on crypto exchange Binance made waves in the market. But the CFTC’s views on crypto classification is becoming a much bigger debate as US regulators continue enforcement actions on crypto businesses. Meanwhile, the crypto market is perceiving this as a fight between the two regulatory agencies, the CFTC and the U.S. Securities and Exchange Commission’s (SEC). The Bitcoin price saw some drop in reaction to the Binance CFTC lawsuit on Monday.
Also Read: FTX Founder SBF Charged For Bribing $40 Million To Chinese Officials; Here’s Why
XRP Lawyer Thinks SEC Might Eventually Prevail
XRP lawyer John Deaton thinks major cryptocurrencies like Ethereum could be classified as securities as they could be framed as investment contracts. He said so when asked if CFTC’s position of major cryptocurrencies being commodities could act as precedent if the agency acts first. Deaton stated the example of Ethereum saying any asset can be packaged as an investment contract and the SEC could thus come in with a lawsuit against Binance saying Ethereum is a security.
“CFTC can call ETH a commodity in its suit Vs Binance and we will probably see the SEC file a case Vs Binance claiming its using ETH as a security regarding any staking/yield associated w/ETH. Any asset can be packaged and offered/sold as an investment contract.
Also Read: Second Largest Crypto Exchange Announces Hong Kong Expansion
Reacting to the CFTC lawsuit news, Binance CEO Changpeng Zhao (CZ) reminded the community to ignore the FUD surrounding the regulatory action. In a latest, CZ shared his response to the US senators inquiry, in an effort to be transparent in regulatory dialogue.
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