A judge in a US court in New York has passed a verdict that Bitcoin (BTC), along with Ethereum (ETH), should be taken as a commodity. The two coins have the first and second largest market caps respectively.
Coverage:
Bitcoin As A Commodity Is Good For The People
This hopefully clears any issues that may have been in play as some people in the corridors of power sough to stifle the rise of Bitcoin – which they insisted to be a security. As such, Bitcoin holders, investors, or developers have no legal liability as far as US securities laws are concerned. Whalechart broke the news on X.
Interestingly, the judge that made this decision is a judge that contributed to the SEC cases against Ripple and Coinbase. Although the involvement with the cases was indirect, Judge Polk Failla provided important interpretations that helped the cases. The SEC lost both cases.
Is SEC Losing The War Against Crypto?
Truth be told, the US SEC hasn’t fairing very well in its recent attacks on crypto entities. They lost the case against Ripple, Coinbase, and now Grayscale. It’s pretty clear that the legal grounds used by the regulatory body to go after these entities was flawed for the most part. The courts have only rectified the situation by upholding the true legal framework. In other words, the courts seem to have found the SEC at fault.
Following the losses, many have called on the relevant authorities to hit Gary Gensler with the red card. Gary is the SEC Chairman and has been repeatedly accused of shoddy work and intentional witch-hunt of targeted crypto entities. A lot of people now want him sacked. That said, it’s safe to say that SEC has had its hands full as far as the anti-crypto campaign is concerned.
Going Mainstream
Recent events in the Bitcoin industry suggest that the top coin is finally coming of age and breaking into the mainstream global circle. Large, huge-money entities like BlackRock are now looking to run Bitcoin spot ETF. This is a clear demonstration that Bitcoin has finally won the acceptance of the previously most reluctant parties.
At the moment, about 6 entities, including BlackRock, Bitwise, and VanEck have filed for Bitcoin ETF. The US SEC has been postponing the decision to approve any one of them, but many experts agree that it won’t be long until something gives.
As a matter of fact, Gary and his team have until sometime in March to give final decisions on the ETFs. Such ETFs would open up Bitcoin for adoption in a much larger scale and could possibly impact its price heavily.
