US Senator John Boozman spoke about the rankings with the US Senate on Agriculture, Nutrition and Forestry titled Why Congress Needs to Act and the answer was Lessons from the FTX collapse where he said that although bitcoin and cryptocurrencies are a commodity Is and is a commodity in the eyes of the courts and in the opinion of the chairman of the Securities and Exchange Commission (SEC) where there is no dispute over it. Abuse and threats suggest losses and there is no place for such behavior in a financial market where all actions are a commodity. There is no dispute on this.
Where the senator said that the exchange is such a thing where commodities are traded in which wheat oil or bitcoin can be anything and they need to be regulated and it is so easy that
In August, Boozman and several senators introduced a bill called the Digital Commodities Consumer Protection Act (DCCPA) to “empower the CFTC with exclusive jurisdiction over the digital commodities spot market” making the derivatives regulator the primary watchdog for the crypto sector. Two other bills have also been introduced by Congress this year, while SEC Chairman Gary Gensler has repeatedly stated that most other tokens are securities. He stressed that exchange offers that trade bitcoins are also very important to be regulated as this is the right regulation method for the Commodity Futures Trading Commission (CFTC) and the crypto spot market. He says that all these securities are very sensitive and whose objective is to establish and analyse a successful market adaptation which will be better in market prospects and SEC Chairman Gary Gensler continuously says about bitcoin token security in a successive ecosystem. We have to adapt about bitcoin security from the point of view of sec thinking.
