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Litecoin (LTC<\/a>) surged by nearly 20% over the past three days after the U.S. Commodity Futures Trading Commission (CFTC) referred to the asset as a commodity in a legal complaint.<\/p>\n On Tuesday, the U.S. Department of Justice (DOJ) and the CFTC unsealed<\/a> an indictment against the crypto exchange KuCoin and two of its founders, Chun Gan and Ke Tang.<\/p>\n The DOJ alleges the exchange operated an unlicensed money-transmitting business, failed to maintain an adequate anti-money laundering (AML) program and received over $5 billion worth of suspicious and criminal proceeds.<\/p>\n The CFTC also charged<\/a> KuCoin with\u00a0illegally dealing in off-exchange commodity futures transactions, among other alleged violations.<\/p>\n In its complaint<\/a>, the regulator asserts that certain digital assets are commodities.<\/p>\n \u201cBilling itself as the \u2018People\u2019s Exchange,\u2019 KuCoin is a centralized digital asset exchange headquartered in the Republic of Seychelles, the Cayman Islands, and Singapore, with 27 million customers across 200 countries, including the United States, and a cumulative trading volume of $3.6 trillion in 2022. <\/em><\/p>\n During the Relevant Period, KuCoin solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, swaps, and leveraged, margined, or financed retail transactions involving digital assets that are commodities including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).\u201d<\/em><\/p>\n The CFTC also referred to those same three crypto assets as commodities in a complaint<\/a> against Binance last year.<\/p>\n This assertion directly cuts against comments made by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who in 2023 claimed<\/a> that every coin besides Bitcoin is a security. Earlier this year, Gensler declined to answer when asked whether ETH counted as a security or a commodity.<\/p>\n LTC is trading at $105.75 at time of writing, up about 20% from $88.40 on Tuesday.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Litecoin (LTC) surged by nearly 20% over the past three days after the U.S. Commodity Futures Trading Commission (CFTC) referred to the asset as a commodity in a legal complaint. On Tuesday, the U.S. Department of Justice (DOJ) and the CFTC unsealed an indictment against the crypto exchange KuCoin and two of its founders, Chun […]<\/p>\n","protected":false},"author":2,"featured_media":274735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-274734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/274734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=274734"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/274734\/revisions"}],"predecessor-version":[{"id":274737,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/274734\/revisions\/274737"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/274735"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=274734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=274734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=274734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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