U.S. Senator John Boozman says bitcoin, although a cryptocurrency, is a commodity in the eyes of the federal courts and the Securities and Exchange Commission (SEC) chairman. He stressed that exchanges where commodities are traded, including bitcoin, must be regulated and the Commodity Futures Trading Commission (CFTC) is the right regulator for the crypto spot market.

He said:

Bitcoin, although a cryptocurrency, is a commodity. It is a commodity in the eyes of the federal courts and in the opinion of the Securities and Exchange Commission (SEC) chairman. There is no dispute about this.