All articles tagged with #commodity
Bitcoin has become the second largest commodity exchange-traded fund (ETF) asset class in the United States, surpassing Silver. This milestone highlights the growing significance of Bitcoin as an investment vehicle and its increasing adoption within traditional financial markets.
Former FTX CEO Sam Bankman-Fried, who was recently convicted of fraud and money laundering, has reportedly turned to trading mackerel packets, known as "macks," while in prison. Mackerel has become a popular trading commodity in US prisons since tobacco products were banned, with postage stamps and soup packets following in value. Bankman-Fried traded four macks for a haircut before his trial, and controversial figure Martin Shkreli confirmed the legitimacy of macks as a currency in prison. Bankman-Fried, a vegan, does not consume mackerel himself, making it an easily tradable item for him.
A New York court has dismissed a proposed class action lawsuit against decentralized crypto exchange Uniswap, ruling that the true defendants were the issuers of "scam tokens" and not Uniswap itself. The court classified popular cryptocurrencies Ethereum (ETH) and Bitcoin (BTC) as commodities while dismissing the lawsuit, even as the SEC has not officially done so. The court's opinion on the dismissal could impact future litigation against decentralized protocols and cases alleging violation of U.S. securities laws. The judge overseeing the case also handles the SEC lawsuit against Coinbase.
During a congressional hearing, SEC Chair Gary Gensler refused to answer a direct question about whether ether is a security or a commodity. Congressman Patrick McHenry argued that the SEC’s regulatory actions say “there’s a great deal of uncertainty.” Gensler insisted that the law is clear on crypto, but McHenry pointed out that the SEC chief has already spoken about one token, bitcoin, and he is now being asked to speak about ethereum. Many people have complained about the SEC, under Gensler, taking an enforcement-centric approach to regulating the crypto sector.
XRP trading volumes have surged to billions of dollars on South Korean crypto exchanges, including UpBit, Bithumb, and Korbit, with XRP making up a significant portion of their trading activity. The surge in interest comes amid speculation that the token may be classified as a commodity by the US Commodity Futures Trading Commission, potentially helping Ripple win its case against the SEC, which claims that XRP tokens are securities. However, some of the volume may be attributable to manipulative wash trading.