KuCoin, a cryptocurrency exchange, is under investigation by the Commodities Futures Trading Commission (CFTC) as it is facing accusations of allegedly providing unlicensed commodity trading. Litecoin (LTC) and Ethereum (ETH) were categorized as commodities by the CFTC.
This decision comes amidst a larger debate about how to regulate cryptocurrencies. The Securities and Exchange Commission (SEC) is reportedly considering classifying ETH as a security. Soon ETH may be categorized as a security by the Securities and Exchange Commission (SEC).
According to the Press release, Kucoin has given the go-ahead to unregistered trading of Litecoin, Ethereum, and also Bitcoin. The CFTC views these cryptocurrencies as commodities, which are goods similar to gold or oil.
This move by the CFTC could have a significant impact on the cryptocurrency market, as it clarifies the regulatory landscape for some cryptocurrencies.
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