Rostin Behnam, chairman of the Commodity Futures Buying and selling Fee (CFTC), says he’s searching for authority from US Congress to manage 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 below 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 steered the highest altcoin Ethereum ought to come below 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 courses. We’ve to depend on 70-year-old case regulation to find out what’s a safety what’s a commodity. We’ve a minimum of 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 conflict” between the 2 companies, Behnam says they’re working collaboratively to land upon the very best laws.
“Properly, it’s not a turf conflict. It’s two regulators who work collectively within the swap area, who work collectively sooner or later area, and we’re looking for an affordable consequence that can create certainty for the market, but additionally buyer protections for retail traders.”
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