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Stablecoins and National Security | Former CFTC Chair Timothy Massad
Bankless
Bitcoin as a Commodity and Security
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Bitcoin can be considered both a commodity and a security. The CFTC declared Bitcoin as a commodity not to engage in a turf fight with the SEC but because under federal law, a commodity includes a broad range of items, including anything that is the subject of a futures contract or a swap. The CFTC's classification of Bitcoin as a commodity stemmed from the need to regulate Bitcoin swaps, which were proposed in 2014, and the agency's subsequent approval of these swaps.
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