ChainCatcher news, according to Bloomberg, Tether CEO Paolo Ardoino confirmed in an interview that the company is interested in financing commodity trading, but emphasized that discussions are still in the preliminary stages. Ardoino stated, "We are interested in exploring the possibilities of different commodity trading; the future potential is huge, but we may not disclose how much we intend to invest in commodity trading, as we are still cautiously formulating our strategy."ChainCatcher previously reported that, according to Tree News, the stablecoin issuer Tether plans to explore providing loans to commodity trading companies.

ChainCatcher news, according to Cointelegraph, in light of a recent court ruling in Illinois classifying Bitcoin and Ethereum as commodities, Nigerian stakeholders are urging the Nigerian SEC to adopt a similar approach in its regulatory framework. As cryptocurrencies play an increasingly important role in the global financial landscape, there are calls for clear and appropriate classification of cryptocurrencies. Lucky Uwakwe, chairman of the Nigerian Blockchain Industry Coordinating Committee (BICCoN), emphasized the importance of clearly defining categories of crypto assets in an interview.Lucky Uwakwe stated that this approach would provide creators with clear guidelines on where to seek regulation. The Nigerian SEC should keep in mind the necessity of establishing rules, defining the asset categories of crypto assets, or segmenting corresponding cryptocurrencies into asset categories, and explaining to the public how these cryptocurrencies qualify as securities or commodities.Uwakwe pointed out that while both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) agree that Bitcoin and Ethereum are commodities, the distinction between Proof of Stake (PoS) and Proof of Work (PoW) protocols could change the classification of specific crypto assets.

ChainCatcher news, according to BeInCrypto, the draft from the Ministry of Finance involves two proposed laws that will regulate cryptocurrency mining and digital currency settlement under an experimental legal framework. The Ministry of Finance suggests allowing all Foreign Economic Activity (FEA) participants to use digital assets for settlement under general regulations, which will require them to be treated as a form of monetary value.As an experimental measure, the proposal only allows cryptocurrency trading on exchanges and platforms listed in the official registry, treating it as a commodity. The document does not specify the criteria for classifying these investors. Essentially, the ministry hopes to have authorities approve digital currency settlements for all FEA participants.

ChainCatcher news, according to Fox Business reporter Eleanor Terrett, U.S. Senator Dr. Roger Marshall discussed the power struggle between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) regarding which digital assets are securities and which are commodities.Marshall asked CFTC Chairman Rostin Behnam, "Wouldn't it be simpler if we put the whole thing under the jurisdiction of the U.S. Commodity Futures Trading Commission?"Behnam responded, "I speak for myself, but I would be happy to do so. I believe we have the expertise and capability. Under that framework, some changes need to be made to the definitions of securities and commodities."

ChainCatcher news, Fox Business reporter Eleanor Terrett stated on social media that the chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, indicated that the Illinois court confirmed that BTC and ETH are digital commodities as defined by the Commodity Exchange Act.

ChainCatcher news, according to The Block, a district judge in Illinois has supported the Commodity Futures Trading Commission (CFTC) and ordered a man from Oregon and his company to pay over $120 million, part of which is for compensating victims in what the agency referred to as a "Ponzi scheme."U.S. District Court Judge Mary Rowland for the Northern District of Illinois stated in an opinion released on Monday that Sam Ikkurty from Oregon and his company Jafia, LLC made significant misrepresentations, but the opinion was published by the CFTC on Wednesday. The CFTC stated that Ikkurty and his company failed to register and engaged in fraudulent activities.Notably, Judge Rowland also pointed out in the order that the cryptocurrencies OHM and Klima are commodities.The CFTC stated in a statement that the order not only recognizes Bitcoin and Ethereum as commodities under CFTC jurisdiction, but also that OHM and Klima, two non-Bitcoin virtual currencies, meet the definition of commodities, noting that these virtual currencies belong to the same category as Bitcoin and have regulated futures trading.

ChainCatcher news, Coinbase Chief Legal Officer paulgrewal.eth stated on social media that millions of Americans hold ETH. Since its launch in 2015, ETH has been crucial to the cryptocurrency space. ETH is a commodity, not a security, which has been the stance of the U.S. Securities and Exchange Commission (SEC) for years. The SEC has no sufficient reason to reject the ETH ETP application. The reasons and statements cited are as follows:SEC Corporate Finance Director Hinman has explicitly stated that ETH is not a security;Before serving as SEC Chairman, Gary Gensler testified in Congress that ETH is not a security;The CFTC and federal courts have consistently confirmed that ETH is a commodity;ETH futures contracts began trading on CFTC-regulated futures exchanges in 2021;The Howey test cannot determine the status of ETH;Even if the Howey test is applied, ETH completely fails to pass that test.

ChainCatcher message, Greeks.live macro researcher Adam posted on the X platform that the strong bullish sentiment for Bitcoin breaking through $70,000 has cooled, with BTC Dvol dropping from nearly 90% to 78%, which is at a recent average level. The implied volatility (IV) of major term options has also significantly decreased over the past three days.Observing that this round of bull market often sees a surge when sentiment cools, looking at the commodity and options data, it is very likely that there will be another wave of increase before this weekend. The current short-term IV has clearly retreated, making it a good time to buy short-term options.

ChainCatcher news, according to News.bitcoin, the chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, stated that under current law, many digital assets or tokens are considered commodities.However, Rostin Behnam expressed regret over the emergence of regulatory gaps and urged the U.S. Congress to intervene. He also emphasized that he and the chairman of the Securities and Exchange Commission, Gary Gensler, "get along very well."

ChainCatcher news, according to IBtimes, the chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, stated that under current law, most crypto assets are commodities, while acknowledging that there is a "turf war" among regulators over who will oversee the cryptocurrency industry.When discussing the complex regulatory issues facing the cryptocurrency industry, the CFTC chairman emphasized the necessity of urgent legislative action, saying, "Congress members are working to figure out the landscape." Behnam pointed out that one of the challenges in regulating digital assets is the ongoing "turf war" among domestic regulatory agencies, particularly the debate between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over who should regulate the industry. This conflict has become a significant obstacle to establishing clear regulatory guidelines for digital assets and the broader cryptocurrency industry.

ChainCatcher news, DWF Labs head Andrei Grachev tweeted that they have obtained a license from the Dubai Multi Commodities Centre (DMCC) to become a financial partner in its ecosystem.

ChainCatcher news, according to CryptoSlate, U.S. Republican Congressman Glenn Thompson (R-PA) stated that he is prepared to introduce his cryptocurrency bill in the House this week and believes that the recent Ripple ruling will help garner Democratic support for the bill.The Digital Asset Market Structure Bill was introduced by Thompson and Congressman Patrick McHenry, with support from Congressmen French Hill and Dusty Johnson. The bill was first submitted to the House for preliminary review on June 2 and is scheduled to enter the voting phase in July. The bill proposes a new regulatory framework that classifies cryptocurrencies as either securities or commodities, to be regulated by the U.S. Commodity Futures Trading Commission (CFTC) or the U.S. Securities and Exchange Commission (SEC).

ChainCatcher news, Coinbase CEO Brian Armstrong discussed the SEC lawsuit in an interview with The Wall Street Journal, stating that Coinbase does not need these registrations to operate. "The assets we trade, those are commodities, so they don't need those registrations."He also denied that Coinbase claims to be a broker-dealer, but pointed out that its broker-dealer license has not yet been approved. "We do not claim to be a broker-dealer; we have obtained a broker-dealer license that is still dormant because they do not allow us to activate it."Additionally, he believes that the U.S. will achieve regulation of cryptocurrencies, "even if it takes some time," as this is an important component of attracting entrepreneurs back to the country. (Source link)

ChainCatcher News, U.S. CFTC Chairman Rostin Behnam stated in an interview that there are significant differences in cryptocurrency regulatory approaches between the CFTC and the SEC led by Gary Gensler.Behnam criticized the SEC's approach to cryptocurrency regulation. "I strongly oppose 'enforcement-based regulation.' I have done everything I can to remain transparent and engage with market participants in the DeFi space; financial innovation is in the national interest."Behnam stated that there is a responsibility to protect U.S. investors in the commodity financial asset market, and many of these crypto tokens are commodities. BTC and ETH are commodities, and the listing of BTC and ETH futures on trading platforms is "market-driven." The CFTC's job is to "create a resilient/transparent market environment" for these decentralized assets and clearly stated that the lack of a central coordinator or joint enterprise is the reason why cryptocurrencies and other commodities are not securities. (Source link)

ChainCatcher news, enterprise-level blockchain infrastructure provider Ankr has formed a strategic partnership with the Dubai Multi Commodities Centre (DMCC).Ankr will provide a rich array of solutions for DMCC's crypto center member companies, enabling them to access Ankr's products and services, including application-specific blockchain engineering, node infrastructure, Web3 gaming solutions, NFT marketplace solutions, staking, and decentralized finance products.Through this collaboration, Ankr will support over 550 Web3 member companies of the DMCC crypto center, accelerating their growth and development through innovative products, infrastructure, and consulting. (Source link)

ChainCatcher news, the Securities and Commodities Authority (SCA) of the UAE has announced the start of accepting license applications from companies intending to provide virtual asset services in the country. All virtual asset service providers (VASP) operating in the country must submit applications and obtain permission from the regulatory authority, except for those licensed in the country's financial free zones. (Source link)

ChainCatcher News, the National Futures Association (NFA) recently approved NFA Compliance Rule 2-51, which imposes anti-fraud, fair and equitable trading principles, and regulatory requirements on NFA members and associate members engaged in digital asset commodity activities. The rule currently applies only to Bitcoin and Ether and will take effect on May 31, 2023. Existing obligations for members also include adhering to disclosure requirements for participating in virtual currency activities.Currently, over 100 NFA members have reported to the NFA that they are engaged in business activities related to digital assets, including commodity interests and spot markets.The National Futures Association is a self-regulatory organization for the futures industry established in 1976 under Section 17 of the U.S. Commodity Exchange Act and officially began operations in 1982. In recent years, the NFA has been committed to developing innovative, technology-driven regulatory processes to enable its members to meet their legal obligations at lower costs and with greater efficiency. (Source link)

ChainCatcher News, CFTC Chairman Rostin Behnam stated that if Congress does not pass comprehensive digital asset regulation, stablecoins backed by fiat currency will be considered commodities. He said, "We must regulate this market in the absence of clear direction from Congress indicating they are other types of assets." (The Block)