Chairman of the US Commodity Futures Trading Commission (CFTC), Rostin Benham, believes that many cryptocurrencies fall within the definition of a commodity under existing law. This point of view contradicts the opinion of the head of the Securities and Exchange Commission (SEC), Gary Gensler, who previously stated that all cryptocurrencies, with the exception of Bitcoin, can be recognized as investment contracts. In a new interview with CNBC, Benham acknowledged that there is competition between agencies for control of the industry, and this creates difficulties in regulating digital assets.
International Business Times material
What else is known? Late last year, Benham argued that Bitcoin is the only cryptocurrency that can be considered a commodity. At the time, he called for a regulatory framework for cryptocurrencies to be created as quickly as possible, while giving the CFTC more authority to regulate the sector.
Already in March of this year, the CFTC filed a lawsuit against the Binance crypto exchange in connection with violation of the rules of derivatives trading, where, in addition to Bitcoin, it also included Ethereum and Litecoin in the category of goods. Benham later stated that not only the assets in the lawsuit should be classified as commodities, but also all stablecoins.
In a new interview, Behnam reiterated the urgent need to introduce rules to regulate the crypto market, adding that “members of Congress are already looking into the situation.”
Earlier this year, a House committee passed two major bills that would clarify how existing financial rules apply to crypto firms. To enter into force, the documents will need to receive the approval of both chambers of Congress.
While Benham acknowledged that there is a “turf war” between the CFTC and the SEC, he also noted the active cooperation between the agencies as both have “the same interest in protecting markets, the country’s financial ecosystem and consumers.”
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