CFTC Chair Giancarlo labels most cryptocurrencies as commodities!

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U.S. CFTC Chairman Christopher Giancarlo has declared that most cryptocurrencies fall under the category of commodities under existing laws. In a recent speech, Giancarlo acknowledged the ongoing regulatory conflict between various bodies regarding the cryptocurrency industry, describing it as a “turf war.” This statement suggests that some initial coin offerings (ICOs) may be subject to regulation by the CFTC instead of the Securities and Exchange Commission (SEC), which has been cracking down on ICOs it deems as securities. The CFTC’s stance towards cryptocurrencies has been somewhat ambiguous in the past, but Giancarlo’s remarks shed light on the CFTC’s position towards digital assets.