Rostin Behnam, chairman of the Commodity Futures Buying and selling Fee (CFTC), says he’s in search of authority from US Congress to control Bitcoin (BTC), Ethereum (ETH) and different digital tokens as commodities.
In a brand new CNBC interview, Behnam reiterates a place held by different US regulatory businesses that Bitcoin is a commodity, however he takes a contested place that Ethereum can also be a commodity that falls underneath CFTC jurisdiction.
“We’re a derivatives regulator. We don’t oversee money markets. So the authority that I’ve been asking Congress for is money authority in order that we will go into the Bitcoin money market, the Ether money market and the opposite digital commodity tokens.”
In a earlier interview, U.S. Securities and Change Fee (SEC) Chairman Gary Gensler urged the highest altcoin Ethereum ought to come underneath SEC rules as a safety.
Behnam acknowledges the distinction in opinions.
“We’re gonna need to determine that out I believe legislatively, as a result of it is a new asset class and there are completely different elements and traits of this asset class versus conventional asset courses. We now have to depend on 70-year-old case regulation to find out what’s a safety what’s a commodity. We now have at the least one courtroom case within the Jap District of New York that claims Bitcoin is a commodity. There are different circumstances on the market and we’re simply attempting to determine this out.”
Requested if there was a “turf warfare” between the 2 businesses, Behnam says they’re working collaboratively to land upon one of the best rules.
“Nicely, it’s not a turf warfare. It’s two regulators who work collectively within the swap house, who work collectively sooner or later house, and we’re looking for an affordable final result that may create certainty for the market, but in addition buyer protections for retail traders.”
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