Cryptocurrencies Although July started well for , it continues badly and the BTC price has fallen to $ 56,771 at the time of writing. Germany continues to sell its 50 thousand BTC. A sale of 50 thousand BTC in a short time is a huge number for exchanges. Even the daily BTC trading volume of the Binance exchange is 50 thousand BTC. Good news Isn’t there? Of course there is.
Cryptocurrency Victory in Court
The debate over which altcoins are commodities and which are securities continues among US institutions. Although the SEC has backed down on some issues, this struggle continues in general. Hours ago, there was an important development in the classification of altcoins. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Court in Illinois Olympus (OHME) And Air ConditioningDAO (AIR CONDITIONING) made a decision in accordance with the CFTC’s opinion regarding the classification of two cryptocurrencies named. Both altcoins were recognized as commodities by the Illinois Northern District Court Judge.
Olympus (OHM) and KlimaDAO (KLIMA)
In the lawsuit filed against Sam Ikurti and his company Jafia CFTC He described this structure as a Ponzi scheme. In a lawsuit filed in 2022, Ikurti and his colleague Ravishankar Avadanam were accused of fraud. The case against Avadanam was dropped after an agreement was reached with the institution. However, the process regarding the other person continued.
The company raised $44 million from investors through YouTube and deceived them with promises of up to 15% returns. All of the funds were spent on purchasing OHM and KLIMA Tokens. Judge Mary Rowland supported the CFTC in finding that Jafia and his company were involved in fraud, that these were commodities.
Now the criminals have to pay $120 million in compensation. The main issue here is that the two cryptocurrencies are recognized as commodities. The CFTC statement reads as follows;
“The decision is only Bitcoin and confirms that not only are Ethereum commodities subject to the CFTC’s jurisdiction, but also OHM and Klima, two virtual currencies other than Bitcoin, are commodities.”
Despite the extreme selling in the market, the two altcoins did not experience a decline. SEC while we view almost all altcoins as securities CFTC cryptocurrencies are considered commodities. With the enactment of the FIT21 law, the CFTC will have more authority in this regard.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
