Rostin Behnam, chairman of the Commodity Futures Buying and selling Fee (CFTC), says he’s searching for 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 companies that Bitcoin is a commodity, however he takes a contested place that Ethereum can also be a commodity that falls beneath 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 Alternate Fee (SEC) Chairman Gary Gensler recommended the highest altcoin Ethereum ought to come beneath SEC laws as a safety.
Behnam acknowledges the distinction in opinions.
“We’re gonna must determine that out I believe legislatively, as a result of this can be a new asset class and there are totally different parts and traits of this asset class versus conventional asset lessons. We’ve got to depend on 70-year-old case legislation to find out what’s a safety what’s a commodity. We’ve got at the least one courtroom case within the Japanese District of New York that claims Bitcoin is a commodity. There are different circumstances on the market and we’re simply making an attempt to determine this out.”
Requested if there was a “turf conflict” between the 2 companies, Behnam says they’re working collaboratively to land upon the perfect laws.
“Nicely, it’s not a turf conflict. It’s two regulators who work collectively within the swap house, who work collectively sooner or later house, and we’re looking for an inexpensive end result that may create certainty for the market, but in addition buyer protections for retail buyers.”
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