U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler announced yesterday that final approvals for exchange-traded funds (ETFs) that buy and sell Ethereum's ether (ETH) could be finalized this summer.
Gensler told a subcommittee of the Senate Appropriations Committee that the process "went smoothly" after initial approval of the ETFs.
However, the commission chairman remained vague on the asset and avoided giving a definitive answer when asked whether ETH was a commodity. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam unequivocally stated that ETH is a commodity.
This question is of great importance in determining which US agency will control the token. While the SEC will oversee security tokens, the CFTC will be responsible for the remaining tokens. Although Gensler argues that most digital assets should be considered securities, he does not follow a clear path in determining which definition applies to which token.
Gensler, who chairs both commissions as chairman, says the industry is "meddling" with the rules. It also emphasizes that the CFTC is not currently prepared to oversee a disclosure-based surveillance system.
Behnam admits that the CFTC does not have the necessary authority to regulate crypto trading. "We do not have the traditional regulatory tools (recording, storage, surveillance) that make the American capital markets and derivative markets so strong," Behnam said, adding that the CFTC needs a larger budget to fulfill this task.
Behnam was also asked about his stance on popular prediction markets such as PredictIt, Polymarket, Zeitgeist and Kalshi. The CFTC recently took action to block such contracts.
âThe last thing we need right now is to kind of commodify elections,â Behnam said. âIn my view this is against existing law and we need to take the necessary steps to ban these contracts.â
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