Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), testified recently before the Senate Agriculture Committee about the regulatory oversight of digital assets.
Read CRYPTONEWSLAND onDuring his testimony, Behnam said that Ethereum, the second-largest cryptocurrency by market capitalization, is a commodity.
Behnam’s statement aligns with the CFTC’s position that cryptocurrencies, including Bitcoin and Ethereum, are commodities under the Commodity Exchange Act.
The CFTC has jurisdiction over futures, options, and other derivatives contracts based on commodities, including digital assets. However, the Securities and Exchange Commission (SEC) has taken a different approach, classifying some digital assets as securities.
Behnam’s comments can be interpreted as a pushback against the SEC’s regulatory power creep over the digital asset market. The SEC has recently stepped up its enforcement actions against cryptocurrency projects that it deems to have violated securities laws.
The CFTC and the SEC have overlapping jurisdiction over some digital assets, and there have been debates about which agency should have the primary regulatory oversight.
By and large, Behnam’s statement that Ethereum is a commodity aligns with the CFTC’s position that cryptocurrencies are commodities under the Commodity Exchange Act. This stance can be seen as a pushback against the SEC’s regulatory power creep over the digital asset market.
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