• CFTC Chair Rostin Behnam has stated that Ether and stablecoins are commodities, contradicting the opinion of SEC Chair Gary Gensler.
• The CFTC’s decision to allow Ether futures products to be listed on the CFTC exchange proves their belief that it is a commodity.
• The ongoing debate between the Commodity Futures Trading Commission (CFTC) and US Securities and Exchange Commission (SEC) over which agency will have jurisdiction over crypto assets continues.
CFTC vs SEC Debate Over Crypto Assets
The Commodity Futures Trading Commission (CFTC) and US Securities and Exchange Commission (SEC) have been in an ongoing debate over which agency will have regulatory control over crypto assets.
CFTC Affirms Stablecoins And ETH As Commodities
CFTC chair Rostin Behnam recently reaffirmed his position that stablecoins like Tether as well as Ether should be considered commodities and thus fall under their jurisdiction. This statement was given at a Senate Agricultural hearing on March 8th, where he also stated that their decision to allow Ether futures products to be listed on the CFTC exchange further cements their view of it being a commodity.
SEC Chair’s Opinion On Crypto Assets
This opinion conflicts with SEC chair Gary Gensler’s stance, who stated in a February New York Magazine interview that everything other than Bitcoin is a security. This prompted the SEC to take action against BUSD issuer Paxos for violating investor protection laws due to its unregistered status as a security.
Wavering Opinion Of CFTC Chair
Behnam’s position on digital assets has been quite wavering, having spoken of different opinions within just months of each other such as claiming Bitcoin was the only crypto qualified as a commodity while leaving out Ethereum during an invite-only event at Princeton University in November last year, yet stating that Ether could qualify as one earlier on in October 2020.
With this recent statement from Behnam however, it appears clear what his opinion is now on the matter – something confirmed by his Agency’s decision to list Ether futures products – thus cementing its standing as a commodity under their jurisdiction.