Rostin Behnam, chairman of the Commodity Futures Buying and selling Fee (CFTC), says he’s looking 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 businesses that Bitcoin is a commodity, however he takes a contested place that Ethereum can 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 Alternate Fee (SEC) Chairman Gary Gensler advised the highest altcoin Ethereum ought to come underneath SEC laws as a safety.
Behnam acknowledges the distinction in opinions.
“We’re gonna need to determine that out I feel legislatively, as a result of this can be a new asset class and there are completely different elements and traits of this asset class versus conventional asset lessons. We’ve to depend on 70-year-old case legislation to find out what’s a safety what’s a commodity. We’ve not less than one courtroom case within the Japanese District of New York that claims Bitcoin is a commodity. There are different instances on the market and we’re simply attempting to determine this out.”
Requested if there was a “turf battle” between the 2 businesses, Behnam says they’re working collaboratively to land upon the perfect laws.
“Properly, it’s not a turf battle. It’s two regulators who work collectively within the swap area, who work collectively sooner or later area, and we’re looking for an inexpensive final result that may create certainty for the market, but in addition buyer protections for retail buyers.”
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