Litecoin price surges 11% after CFTC calls Litecoin a commodity alongside Bitcoin and Ethereum

Litecoin rose nearly 11% in 24 hours, second only to WIF. The most important non-technical event that caused Litecoin’s surge was a recent statement from the U.S. Commodity Futures Trading Commission (CFTC). In a lawsuit against cryptocurrency exchange KuCoin, the CFTC declared Litecoin a commodity. The announcement is crucial because it places Litecoin outside the jurisdiction of the U.S. Securities and Exchange Commission (SEC), which regulates securities and imposes stricter liability on token issuers.