CFTC Opposes SEC’s Crypto Position: Calls ETH and Stablecoins Commodities
- CFTC chairperson Rostin Behman has reiterated that cryptocurrencies like Ether, and stablecoins, should fall under his department for regulation.
- His statements directly oppose SEC chairperson Gary Gensler, who believes everything but Bitcoin is a security.
- Behman did not back down when questioned on the â€œcompetition for oversightâ€ that appears to be brewing.
The move by the SEC seeking jurisdiction over the crypto market has run into resistance through an inter-agency disagreement on the regulatory nature of coins other than Bitcoin.
The Chairperson of the Commodities and Futures Trading Commission (CFTC), Rostin Behnam, told the Senate Agriculture Committee on Wednesday, March 8, that Ethereum and stablecoins are commodities.
Behnamâ€™s stance contrasts directly with SEC chairperson Gary Gensler, who argued in February that â€œeverything other than Bitcoinâ€ falls under securities laws.
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