During an invite-only crypto symposium at Princeton University, the chairman of the United States Commodity Futures Trading Commission (CFTC), Rostin Behnam, declared Bitcoin is the only crypto asset that can be seen as a commodity.
Behnam’s opinions contrast sharply with his earlier words in October, in which he suggested Ether might potentially be seen as a commodity. The CFTC chairman was responding to a query on whether crypto assets should be classified as commodities and which as securities.
The CFTC chairman’s withdrawal of his statements on ETH comes amid intense scrutiny of US regulators and allegations of corruption, with Republican senators accusing the SEC chair of conspiring with FTX “to achieve regulatory monopoly.”
The legal discussion over which cryptocurrencies count as commodities has been stretched out. Because of its real decentralized structure, Bitcoin is universally regarded as non-secure, but the status of Ether and numerous other cryptocurrencies has been a contentious issue. The SEC has also filed a security action against Ripple.
The American financial regulator has found itself in hot water following the collapse of the FTX crypto exchange, owing to its affiliation with the exchange.
The CFTC was poised to receive oversight capacity through proposed Senate legislation known as the Digital Commodities Consumer Protection Act (DCCPA), while the CFTC chief faced widespread criticism for the same but defended the commission’s actions, claiming they did not have the luxury of waiting.
Behnam said that the committee’s supervision abilities are restricted and that the “matrix of regulators” is an unsatisfactory structure. He did, however, advocate for greater coordination among the several regulatory authorities in order to develop tough regulations.
The CFTC chairman is scheduled to testify before Congress on December 1 on the fall of the now-bankrupt crypto exchange FTX and the lessons learnt from the catastrophe.
Breaking: 8 Congress Members tried to stop the SEC from inquiring into FTX by questioning the SEC’s authority to inquire about Crypto
5 of those 8 members also received campaign donations from FTX, ranging from $2,900 to $11,600
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) November 25, 2022
Many in the crypto community have questioned former CEO Sam Bankman-tight Fried’s links with US authorities and his lobbying attempts to make the CFTC the major crypto regulating organization. According to a recent allegation, eight US congresspeople attempted to prevent the SEC from investigating FTX.
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