Gus – Cryptocurrency Expert
Rostin Behnam, the chair of the Commodity Futures Trading Commission (CFTC), repeated the position of the organization that Ethereum is a commodity.
Gary Gensler, head of the Securities and Exchange Commission (SEC), disagrees, according to Behnam, who also made this claim.
Behnam said “To claim that two agencies can't resolve their differences and collaborate is a fairly pessimistic viewpoint. I have said that [Ether] is a commodity, but Chair Gensler disagrees.”
Gensler has consistently shied away from commenting on the legitimacy of Ethereum with authorities. In contrast, the ex-Goldman Sachs partner suggested there was a strong case for the second-largest cryptocurrency to be classified as an unregistered securities in a 2018 MIT course (MIT). During the panel discussion organized by the law firm Lowenstein Sandler, Behnam said that he gets "very irritated when people start to talk about the CFTC as a more favorable regulator," adding that the CFTC's "greatest accomplishment" was the agency's history of enforcement actions in the crypto space.
Additionally, the CFTC has been viewed by many in the cryptocurrency industry as more crypto-friendly or, at the very least, more open to innovation. The U.S. SEC, led by Chairman Gary Gensler, has been accused of regulating solely through enforcement.
This viewpoint, however, has started to shift in recent months as a result of the CFTC's increased enforcement efforts regarding cryptocurrencies. Some of these enforcement measures, including the CFTC's most recent lawsuit against anonymous DAO members, have drawn criticism similar to that levied at the SEC, that the CFTC is going beyond the bounds of the law in trying to regulate the fledgling crypto economy.
Behnam asserted that the CFTC is not attempting to "play fast and loose" with the law when it comes to cryptocurrency firms, but he also said that the organization is prepared to be "very creative" in how it applies current regulations to persuade crypto exchanges to become part of the regulatory system.
Behnam also thinks the CFTC and SEC ought to work together to successfully regulate cryptocurrencies. Additionally, he noted that the government may not be doing enough to make the rules.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards