BTC-Newswire

Litecoin Dubbed A Commodity By CFTC Could Reignite Digital Silver Narrative

Press Releases Crypto News Bitcoinist Litecoin Dubbed A Commodity By CFTC Could Reignite Digital Silver Narrative

Litecoin was deemed a commodity today in a CFTC lawsuit filing against Binance.

With the altcoin now potentially safe from further scrutiny from the SEC, a new digital silver narrative could take shape. Here’s why.

Litecoin Officially Labeled A Commodity By US CFTC

The crypto market bled more than $50 billion in market cap today, after it was revealed that Binance and CEO Changpeng Zhao will face legal action from the United States Commodity Futures Trading Commission “over alleged trading and derivatives rules violations.”

According to the filing, the CFTC has explicitly named Litecoin, along with Bitcoin and Ethereum, to be a commodity under their jurisdiction. The CFTC is in charge of regulating commodity futures markets, such as oil, soy, corn, silver, and gold.

In the past, the CFTC has been clear that Bitcoin is a commodity and has also named Ether as such, allowing both to be traded on the Chicago Mercantile Exchange better known as CME.

But the SEC has recently muddied the regulatory clarity around ETH. LTC hasn’t been under scrutiny by the SEC, however, making this latest naming of Litecoin to be a commodity especially notable.

Is Litecoin ready for a major rally? | LTCUSD on TradingView.com

Why The Distinction Could Drive A New Digital Silver Narrative

The CFTC calling LTC a commodity comes as a time when there are more skeptics of crypto than ever before, yet the safer, commodity-like BTC has been thriving in the midst of a banking sector crisis.

In the past, periods of economic distress, high inflation, or war, investors flock to the safety of precious metals like Go to Source to See Full Article
Author: Tony "The Bull"

Did you like this?
Tip BTC Newswire with Cryptocurrency