Bitcoin (BTC) and Ethereum (ETH) should be treated as commodities while the vision remains unclear about Ripple (XRP), said the Chairman of the Commodity Futures Trading Commission.
The CFTC, which regulates commodities in the United States, currently considers Bitcoin and Ether are the two that we think fall under our jurisdiction,” Chairman Heath Tarbert said.
However, the situation remains unclear for the third-largest digital currency, referring that: “Without clarity it’s really difficult to figure out how these will eventually be regulated.”
Tarbert revealed that by considering some of the cryptocurrencies as commodities, in addition to allowing futures trading on them would provide more legitimacy to virtual currencies.
While the Bitcoin and Ethereum had been considered by the CFTC as commodities, the regulatory status for the XRP is not the same as the Ripple foundation faced a lawsuit claiming that it held an unregistered sale of securities.
The Bitcoin rose today to $8,635, registering an increase of more than 1.7 percent, while the Bitcoin SV continued to lead gains among the top 10 cryptocurrencies as it climbed above $300 after starting the year below $100 per coin.
Ethereum saw a 8.33 percent rise to $162, Ripple recorded 5.63 percent advance to $0.23 and the Bitcoin Cash augmented 16.21 percent to $329 according to Bitstamp exchange.
The total market
capitalization added $2.9 billion from yesterday to $176.5 billion and the 24-hour
volume soared to $176 billion from $151 billion.