As you may or may not have heard, the United States Securities & Exchange Commission and Commodity Futures Trading Commission has classified certain cryptocurrencies as digital commodities. Thus brings some clarity, after years of uncertainty, to the market, its participants and watchers. Under the new decision, the following projects now have a legal classification as a digital commodity under U.S. law:
- XRP
- Ethererum
- Solana
- Cardano
- Chainlink
- Avalanche
- Polkadot
- Stellar
- Hedera
- Litecoin
- Dogecoin
- Shiba Inu
- Tezos
- Bitcoin Cash
- Aptos
- Algorand
What does this mean exactly? The legal ambiguity for these projects is over and makes institutional adoption easier and removes legal challenges for exchanges that list said tokens. Bitcoin was already defined as a digital commodity. These cryptocurrencies now fall into the same bucket as oil, gold, and silver. Those legacy commodities are considered hard commodities, physical materials/natural resources that can be bought sold or traded. This marks a significant change in the crypto landscape.
The ruling also stated the crypto mining, staking, and token wrapping are not security transactions.
To me, this development just brings more legitimacy to the space. Perhaps this could also signal a beginning of an end to the "wild west" days of crypto, as the CFTC and SEC will continue to monitor for "pump and dump" tokens aka shitcoins. By distinguishing certain projects as legitimate digital commodities, that leaves uncertainty around shitcoins for now. There may be more future rulings coming soon, but we'll just have to see.
To read more on this development, check out this article from Bitcoin Magazine.
👇👇👇 It's always a good time to collect free crypto (especially during a downtrend) -- here's how 👇👇👇
The original Bitcoin faucet is long gone, but there are still ways to collect some free crypto if you invest some of your free time:
-
Sign up here on Publish0x, if you haven't already, to earn free crypto for reading & writing content
-
Join Cointiply and roll the faucet every hour, view PTC ads, take surveys to earn free Bitcoin, Litecoin, Dogecoin, or Dash
-
Downoad the Bitcoin Cash Giveaway to collect some free BCH sats, paid out weekly
-
Check out Yescoiner to easily collect some satoshis; no nonsense -- just solve a captcha. Low payout, slow drip here
-
For rewards in XNO, DOGE and BTC, check out TipNano app
-
Visit Stacker.news and earn some sats by posting interesting content and commenting what others share
-
The most off-the-wall faucet is Crypto Junkie, offering payouts in various cryptos to Final Autoclaim & Faucetpay
-
If you're DCA'ing your Bitcoin stack, try River for zero-fee recurring BTC buys & earn 3.5% Bitcoin interest on deposited USD
-
Slice is a Google Chrome browser extension that allows you to earn BTC for browsing, paid via Lightning Network
-
Another great crypto-powered blog site is read.cash, fueled by Bitcoin Cash (BCH)
