CFTC Says Bitcoin, Ethereum and Tether Are Commodities in Fraud Complaint Against FTX Founder Sam Bankman-Fried
The U.S. Commodity Futures Trading Commission (CFTC) is listing three crypto assets that it considers to be commodities.
In a fraud complaint filed in the United States District Court for the Southern District of New York against Sam Bankman-Fried, FTX and Alameda Research, the CFTC says that digital assets such as Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) are commodities.
“A digital asset is anything that can be stored and transmitted electronically and has associated ownership or use rights.
Digital assets include virtual currencies, such as bitcoin (BTC), ether (ETH), and tether (USDT), which are digital representations of value that function as mediums of exchange, units of account, and/or stores of value.
Certain digital assets are ‘commodities,’ including bitcoin (BTC), ether (ETH), tether (USDT) and others…”
In the fraud complaint, the CFTC alleges that among other things Sam Bankman-Fried and the crypto entities he founded and led, “misappropriated customer funds for their own use and benefit.”
“Bankman-Fried and other FTX executives also took hundreds of millions of dollars in poorly-documented ‘loans’ from Alameda that they used to purchase luxury real estate and property, make political donations, and for other unauthorized uses.”
Sam Bankman-Fried was arrested earlier this week in the Bahamas as the U.S. Attorney’s Office for the Southern District of New York issued an indictment charging him on one count of conspiracy to commit money laundering, one count of conspiracy to defraud the United States and campaign finance laws and six counts of fraud.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Konst787/Spyro the Dragon
The post CFTC Says Bitcoin, Ethereum and Tether Are Commodities in Fraud Complaint Against FTX Founder Sam Bankman-Fried appeared first on The Daily Hodl.
