Legislation introduced to list Bitcoin and Ethereum as commodities

Last week legislation was introduced in the United States Senate seeking to classify Bitcoin(BTC) and Ethereum(ETH) as commodities to be placed under the oversight of the Commodities Futures Trading Commission (CFTC).  It was long anticipated and expected that BTC would not be classified as a security and would instead be a digital asset to be regulated by the CFTC. It is interesting to see that ETH, the second-largest cryptocurrency by market capitalization,  is also being included.  This means that, if passed,  BTC and ETH would be subject to the same rules and regulations as other commodities such as gold and oil. The move could have major implications for the Bitcoin and Crypto market, which has until now been largely unregulated. This legislation will pave the way for further regulation of digital assets and digital currencies.