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
Chairman of the Commodity Futures Trading Commission Rostin BehnamAt a symposium on Oct. 24, he reiterated that Ethereum is a commodity.
Behnam, Chairman of the Securities and Exchange Commission (SEC) Gary Gensler He claims to have a different opinion 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.
