June 25, 2024

Recognition of Bitcoin and Etherium as commodities is a painful victory for cryptocurrencies

Acceptance of Bitcoin and Ethereum by goods - a painful victory for cryptocurrencies

The owner and head of the cryptocurrency investment boutique BKCM, Brian Kelly, has become one of those who seegreat prospects in the cryptocurrency market.

In an interview with the American television channel CNBC, he said:that the US authorities have implicitly given a signal that although they are “scaring away” companies from participating in the Libra digital asset project from the social network Facebook, and also opposed the further implementation of the Gram token project and the work of the TON blockchain, nevertheless, by their other actions they show that they have no fundamental claims to classic cryptocurrencies.

The expert noted that in the CFTC materials there was a mention that Ethereum, like Bitcoin, are goods:

“Such a statement about Ethereum is a big victoryfor the cryptocurrency sphere. This provides us with an understanding of how the regulation of this area will be built. In fact, we see that there is a situation where the doors for institutions for investing in Bitcoins and Ethereum open.

In fact, the CFTC says officials do not intend toto ban these cryptocurrencies, and they are going to determine the legal framework for their functioning. After such a signal, an increasing number of institutions will simply say: “please put in my investment portfolio such products as Bitcoin or Ethereum.”

Kelly drew attention to the fact that anotherThe regulator, the US Securities and Exchange Commission (SEC), remains concerned that most bitcoin trading is carried out outside the United States:

“They are worried that they cannot controlsuch transactions, however, they should be glad that there are more and more opportunities for institutional players to buy and sell bitcoins and other cryptocurrencies within the United States. These are, in particular, the Bakkt, TD Ameritrade and Fidelity sites. ”