Binance Holdings Ltd. and CEO Changpeng Zhao are facing a lawsuit from the Commodity Futures Trading Commission (CFTC) on Monday, alleging violations of federal trading and derivatives regulations.
What Happened: The lawsuit alleges that Binance facilitated trades in cryptocurrencies such as Bitcoin BTC/USD, Ether ETH/USD, Litecoin LTC/USD, Tether USDT/USD, and Binance USD BUSD/USD, which the CFTC refers to as commodities.
However, this is not the first time CFTC has called ETH a commodity.
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Rostin Behnam, the Chairman of CFTC on March. 8 said before the Senate Agriculture Committee, that Ethereum is a commodity because “It’s been listed on CFTC exchanges for quite some time.”
On March 8, ETH was trading at $1,534 when Behnam called it a ‘commodity.’ The second-biggest crypto at the time of writing was trading at $1,733 – a nearly 13% increase from that time.
An investment of $100 on March 8 would have netted you $112 as of today.
Read More: Bitcoin, Ethereum, Dogecoin Slide After CFTC Lawsuit Against Binance: Analyst Expects Apex Crypto To Touch $30K If Macroeconomics Remains Favorable