The President of the CFTC confirmed that Bitcoin, Ether Commodities – Regulations of Bitcoin News

The President of the CFTC confirmed that Bitcoin, Ether Commodities – Regulations of Bitcoin News

The president of the US Commodity Futures Trading Commission (CFTC) says he is sure that bitcoin and ether are commodities. He noted that his agency is working with the US Securities and Exchange Commission (SEC) to regulate the crypto sector, noting that “currently there is no customer protection in the crypto market.”

Bitcoin and ether are ‘safe’ goods

CFTC President Rostin Behnam discussed cryptocurrency regulation by the CFTC and the SEC in an interview with CNBC last week.

The chairman was asked to comment on a bill in Congress that puts the SEC in charge of security tokens and the CFTC in charge of commodity tokens.

“This is a somewhat age-old issue between the CFTC and the SEC. Historically, we have an excellent relationship … In this area, in my opinion, it makes sense for goods to be regulated by the Commodity Futures Trading Commission, and for securities to be regulated by the SEC, ”Behnam explained in detail.

The head of the CFTC noted that within the crypto space there will be some coins that are securities and some commodities.

Asked to comment on SEC President Gary Gensler’s claim that most crypto tokens are securities, Behnam stressed that the largest cryptocurrencies are commodities. He emphasized:

Well, I can say with certainty that bitcoin is a commodity. Ether too.

Acknowledging that there may be a lot of security coins, the CFTC chief remarked, “there are a lot of community coins.” He explained: “I think it makes sense that every agency has jurisdiction over commodities and securities.”

The CFTC president was asked if there was a disagreement between the two agencies. “I would not say that there are disagreements,” he replied, emphasizing that every agency tries to do what is best.

Commenting on the crypto market sale last week, Behnam said:

Many people were injured. A lot of value has been lost in the market, and there is really no customer protection at the moment.

He concluded that both the CFTC and the SEC want to “prudently” regulate the crypto sector, protect customers and protect financial stability.

What do you think of the CFTC president’s comments? Let us know in the comments section below.

The President of the CFTC confirmed that Bitcoin, Ether Commodities – Regulations of Bitcoin News

Kevin Helms

A student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects and the crossroads between economics and cryptography.

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