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The CFTC and the SEC are at a fork in the road when it comes to the nature of the digital currency.

The current chairman of the Commodities Futures Trading Commission (CFTC), Rostin Benham, spoke before a Senate committee about the classification of cryptocurrencies. According to him, 60% of all currently traded cryptos are classified as commodities.

He also stated that the total value of the digital asset market was $2.7 trillion as of Wednesday. Commodities accounted up over 60% of the $2.7 trillion.

He claims that BTC and ETH alone account for about 60% of all cryptocurrencies traded on the market. Both were previously indirectly classified as commodities after the Securities and Exchange Commission (SEC) determined them not to be securities.

After bringing a legal case against Ripple (and their XRP), the SEC appears to have double standards, accusing them of raising $1.3 billion in unregistered securities.

As a result of these discrepancies, people are speaking up, demanding clarity and better classification. While the CFTC has yet to dabble in the world of cryptocurrencies properly, Benham has stated that he is keen on taking on this responsibility, given that crypto is now a big commercial prospect.

While we wait for the Senate to decide which jurisdiction cryptocurrency belongs under, the stars appear to be aligning in Benham’s favor, as he is a crypto fan. On the other side, after being requested to understand these projects better, Gary Gensler, the SEC chairman, has been accused of abusing his authority and threatened with a lawsuit.

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