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 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 prompt the highest altcoin Ethereum ought to come underneath SEC rules as a safety.
Behnam acknowledges the distinction in opinions.
“We’re gonna need to determine that out I believe 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 have now to depend on 70-year-old case legislation to find out what’s a safety what’s a commodity. We have now at the very least one court docket 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 making an attempt to determine this out.”
Requested if there was a “turf warfare” between the 2 companies, Behnam says they’re working collaboratively to land upon one of the best rules.
“Properly, it’s not a turf warfare. 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 consequence that may create certainty for the market, but additionally buyer protections for retail traders.”
Do not Miss a Beat – Subscribe to get crypto e-mail alerts delivered on to your inbox
Verify Worth Motion
Observe us on Twitter, Fb and Telegram
Surf The Day by day Hodl Combine
Featured Picture: Shutterstock/NextMarsMedia