CFTC Chair Confirms Bitcoin, Ethereum As Commodities In Testimony

Here are some of the major developments from the world of crypto over the past few days
some of the major developments from the world of crypto
some of the major developments from the world of crypto

Bitcoin and Ether, two of the biggest cryptocurrencies by market cap are commodities, according to the chairman of the US commodities regulator, and his agency ought to oversee regulating them. An Illinois judge resolved a $120 million Ponzi scheme involving an Oregon man charged with fraud on July 3 after determining that both assets were commodities.

Behnam referred to a FSOC study that urged his organization to exert more control over digital commodities by pointing out regulatory gaps in the spot market for non-security digital assets. He cautioned that regulatory delay would not reduce public interest in digital assets, but would instead raise hazards to financial markets and investors.

The CFTC Chair outlined five key legislative priorities he believed his agency was capable of introducing to better regulate digital commodities. The SEC and CFTC have a longstanding partnership that facilitates strong, robust regulation of securities and derivatives markets, Behnam said.

Marathon Site Manager Avoids Texas Noise Charges Amid Resident Complaints

A Texas jury found the plant manager of a Marathon Digital mining facility near Granbury, Texas, not guilty of 12 noise violations, despite objections from local homeowners. Marathon site manager David Fischer was cleared of noise-related charges at the Granbury location, according to the Fort Worth Star-Telegram on July 10.

Fischer's lawyers said he was not the appropriate person to cite, and it is up to Hood County to charge Marathon with the alleged infractions. Fischer's lawyers also contended throughout the trial that Constable Shirley's findings were overstated and that the noise from Marathon's miners was not illegal because it was a licensed industrial site.

Bitcoin mining is a resource-intensive process in which specialized computers solve cryptographic challenges to safeguard the blockchain. Granbury locals reported that noise from mining rig fans caused heart difficulties, chest discomfort, headaches, nausea and tinnitus.

TON Ecosystem Scams Surge: Stay Safe with These Tips

The Open Network (TON), a blockchain network that is connected with Telegram, grew at an unprecedented rate in 2024. Approximately one million wallets were activated on the blockchain in January, but by June, there were over nine million. Blockchain security company SlowMist warned of a rise in phishing attempts targeting the TON ecosystem in June 2024.

While identifying risks in the TON ecosystem it is important to remember that Telegram is not responsible for the safety of TON-linked Mini Apps. However, not all of those applications follow appropriate security standards to guarantee their customers' cash are safe, according to Stepan Chekhovskoi, head smart contract auditor at cybersecurity company Hacken.

The TON Foundation strongly holds the security precautions used by Mini Apps on Telegram. Telegram provides verification for prominent individuals and organizations, allowing users to readily recognize official sources. Bots, like legitimate channels and public groups, are normally verified by the Telegram team.

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