The head of the Commodity Futures Trading Commission said that the second-largest cryptocurrency, Ethereum (ETH), is a commodity.
There is persistent pressure from the cryptocurrency industry to give the Commodity Futures Trading Commission (CFTC) greater dominance over the cryptocurrency market. They believe the commodity regulator will be more tolerant towards cryptocurrencies. However, SEC Chairman Gary Gensler and CFTC Chairman Rostin Benham do not share the same views. This brings complexity.
CFTC Chairman Adopts Ethereum as Commodity
Rostin Behnam, Chairman of the Commodity Futures Trading Commission, reiterated at a symposium on Oct. 24 that Ethereum is a commodity.
Behnam claims that Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), has a different view on the matter. While Gensler considers Bitcoin a commodity, he doesn’t think the same about most Ethereum.
Behnam also dismissed the notion that the CFTC would be more lenient on crypto. Pressure from the crypto industry has also met with an implicitly negative response.
The CFTC chairman said that the CFTC and SEC must work together to regulate cryptocurrencies efficiently. At the same time, he noted that regulators may not be doing enough to provide regulatory clarity to industry players.
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