US CFTC Chairman: BTC and ETH Are Commodities, Strongly Opposed to SEC Law Enforcement Supervision

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Today’s Cryptocurrency Headline

According to Bloomberg, Rostin Behnam, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated in an interview that there are significant differences between the CFTC and the Securities and Exchange Commission (SEC), led by Gary Gensler, regarding regulatory approaches to cryptocurrencies. Behnam emphasized that the CFTC is responsible for protecting American investors in commodity financial asset markets, and many of these cryptocurrencies are considered commodities. He mentioned that BTC and ETH are commodities, and the introduction of BTC and ETH futures on exchanges is driven by market demand and supported by legal analysis. Behnam highlighted the lack of a central coordinating entity or common enterprise as the reason why cryptocurrencies and other commodities are not classified as securities.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Yesterday, BTC declined from $27,500 to $26,300. Today, it opened at $26,800 and has been consolidating above the EMA90, indicating a period of accumulation. The MACD and EMA have formed a divergence pattern, while trading volume is decreasing during the upward movement. The KDJ indicator is expanding upward, suggesting bullish momentum. However, the BTC price is facing resistance at the EMA90, and the Bollinger Bands are widening downward. The immediate support level is around $26,000, while the resistance level has dropped to $27,500. Given the prevailing bearish sentiment, caution is advised in trading decisions.

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