- Until there is a clear law, they will be guided by this rule
- This is where the CFTC and SEC diverge.
The head of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, gave a great interview about cryptoregulation. It follows from it that the department still has disagreements with the SEC on some issues.
According to Behnam, stablecoins and Ethereum should be classified as commodities. This is contrary to the position of the SEC, which plans to classify them as securities. And even submitted the corresponding project.
The head of the CFTC noted that now they lack legislation for competent regulation of the crypto market.
Until Congress passes clear rules, Behnam’s office will treat USDT and other stablecoins as commodities.
“They are a commodity, and we need to control this market without a clear indication from Congress that this is some other type of asset.” the chairman of the CFTC told reporters.
The official explained that fiat-backed stablecoins are not expected to make a profit. Therefore, they cannot be classified as securities. However, Behnam is unsure whether algorithmic stablecoins can be considered a commodity.
He also recalled that the CFTC regulates ETH derivatives. And he said it was not a coincidence. The commission conducted a legal analysis before the listing, and concluded that ETH is a commodity.
In the end, Rostin Behnam urged Congress to speed up regulation. This will help supervisory authorities to stop the offshore activities of crypto firms and other violations of the law.
