Bitcoin & Ethereum Officially Ruled Commodities in Illinois: CFTC Chair Confirms

In a landmark development for the crypto industry, CFTC Chairman Rostin Behnam has confirmed that both Bitcoin and Ethereum are officially ruled as commodities in Illinois. At a Senate Committee hearing, Behnam emphasized the significance of an Illinois court decision that solidifies this classification.

CFTC Chair Behnam's Statement on Bitcoin and Ethereum

On Wednesday, Rostin Behnam, Chairman of the US Commodities Futures Trading Commission (CFTC), stated that a court in Illinois has officially recognized Bitcoin and Ethereum. Indeed, Behnam underscored the Illinois court’s ruling that affirmed Bitcoin and Ethereum as commodities under the Commodity Exchange Act, effectively categorizing them as such.

Illinois Court Ruling Affirms Commodity Status

CFTC Chairman Behnam says an Illinois court has confirmed that Bitcoin and Ethereum are digital commodities instead of securities. According to Behnam, the stance was validated by an Illinois court under the Commodity Exchange Act, aligning with the CFTC’s stance.

Bitcoin and Ethereum as Commodities Under the Commodity Exchange Act

CFTC Chairman Behnam confirms Bitcoin and Ethereum as digital commodities under the Commodity Exchange Act. An Illinois court decision provides further validation to this classification, differentiating it from securities. It differs from SEC Chairman's perspective on the matter, creating a potentially clearer regulatory landscape for these digital assets. The Illinois court’s ruling, as highlighted by Rostin Behnam, solidifies Bitcoin and Ethereum's standing within the established Commodity Exchange Act.

This ruling is expected to have significant implications for the regulation and trading of Bitcoin and Ethereum in the United States.