Commodity Futures Trading Commission (CFTC) about Litecoin
The Commodity Futures Trading Commission (CFTC), which is in charge of regulating markets for futures and derivatives in the United States, took legal action against Kucoin The reason for this lawsuit, Kucoin was offering its users the option to engage in leveraged trading with several cryptocurrencies, such as Litecoin (LTC), Bitcoin (BTC), and Ether (ETH), without the legal approval to do so. This event is catching a lot of attention because it involves a major player in the crypto exchange world and several popular cryptocurrencies.
One key point in the lawsuit is the CFTC's view on Litecoin. The regulatory body argues that Litecoin should be considered a commodity. This classification is crucial because it brings Litecoin within the CFTC's area of oversight, which mainly covers commodities futures trading. This means that, according to the CFTC, any future or options trading that involves Litecoin is something they can regulate. This is a big deal because it puts Litecoin on a similar footing with traditional commodities like gold or oil, at least in the eyes of this regulatory body.
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