WebsCrypto
    Facebook Twitter LinkedIn Telegram
    WebsCryptoWebsCrypto
    Crypto Prices
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • NFTs
    • Markets
    • Business
    • Opinions
    • Guides
    • PR
    • Sponsored
    WebsCrypto
    WebsCrypto—News—Altcoin News—CFTC Chair Reaffirms Stablecoins and Ether as Commodities
    Altcoin News

    CFTC Chair Reaffirms Stablecoins and Ether as Commodities

    By Simon LawsonMarch 9, 2023
    CFTC Chair Reaffirms Stablecoins and Ether as Commodities
    Facebook Twitter Telegram LinkedIn Reddit Email

    The Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has reiterated his stance that stablecoins and Ether are commodities and should fall under the purview of the CFTC. Behnam made the statement during a Senate Agricultural hearing on March 8, in response to questions from Senator Kirsten Gillibrand.

    Behnam’s comments are likely to escalate the tug-of-war between regulators in the United States over the control of cryptocurrencies, with the Securities and Exchange Commission (SEC) and the CFTC holding differing views on the matter.

    The CFTC’s opinion on Ether and stablecoins was strengthened following the agency’s settlement with stablecoin issuer Tether in 2021. Behnam stated that it was “clear to our enforcement team and the commission that Tether, a stablecoin, was a commodity.”

    The CFTC has previously asserted that digital assets such as Ether, Bitcoin, and Tether are commodities, as evidenced in its lawsuit against FTX founder Sam Bankman-Fried in December 2021.

    Related:  Litecoin Network Follows Bitcoin's Lead to Adopt Serial Numbers

    Behnam defended the CFTC’s position during the Senate hearing, stating that the agency would not have allowed Ether futures products to be listed on its exchanges if it did not believe that Ether was a commodity asset.

    During the hearing, Senator Gillibrand asked Behnam what evidence the CFTC would put forward to win regulatory influence over Ether, to which Behnam replied that the agency would need “serious legal defenses” to support its argument.

    Behnam’s position is at odds with that of SEC Chair Gary Gensler, who claimed in a February 23 New York Magazine interview that “everything other than Bitcoin” is a security. The differing views of the regulators could lead to a regulatory conflict as each vies for control over the cryptocurrency industry.

    In mid-February, the SEC targeted stablecoin issuer Paxos, alleging that its Binance USD stablecoin was an unregistered security, and stating that it may sue the firm for violating investor protection laws. The SEC also targeted Terraform Labs, claiming that its algorithmic stablecoin TerraUSD Classic was a security.

    Behnam’s comments have been met with pushback from the cryptocurrency industry, with Circle founder and CEO Jeremy Allaire stating that he does not believe “the SEC is the regulator for stablecoins,” and that they should be overseen by a banking regulator.

    DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
    Binance Bitcoin Crypto Cryptocurrency Exchange FTX Headlines
    Related News
    Market News March 24, 2023

    Circle CEO Warns of Market Anxiety Over ‘Aggressive Regulatory Action’ in US

    Business News March 24, 2023

    Mysten Labs Buys Back Equity and Token Warrants from FTX Assets for $96M

    Ethereum News March 24, 2023

    Arbitrum Sets All-Time Daily Volume Record Ahead of ARB Token Airdrop

    Bitcoin News March 24, 2023

    Rising Bitcoin Miner Fee Revenue Signals Start of Bull Market

    Business News March 23, 2023

    Coinbase and Justin Sun Both Face SEC Charges

    Altcoin News March 23, 2023

    Xapo Bank becomes the first fully licensed bank to support USDC deposits and withdrawals

    The Latest
    Market News March 24, 2023
    Circle CEO Warns of Market Anxiety Over ‘Aggressive Regulatory Action’ in US
    Business News March 24, 2023
    Mysten Labs Buys Back Equity and Token Warrants from FTX Assets for $96M
    NFT News March 24, 2023
    Report: Metaverse’s NFT transaction volume reached US$311 million in the first quarter
    Ethereum News March 24, 2023
    Arbitrum Sets All-Time Daily Volume Record Ahead of ARB Token Airdrop
    Bitcoin News March 24, 2023
    Rising Bitcoin Miner Fee Revenue Signals Start of Bull Market
    Block 3000

    WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

    Facebook Twitter Instagram LinkedIn Telegram RSS
    News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • NFT News
    • Market News
    • Business News
    Information
    • Opinions
    • Guides
    • Press Release
    • Sponsored
    Services
    • About Us
    • Contact Us
    • Advertise
    © 2023 WebsCrypto.
    • Privacy Policy
    • Terms of Service

    Type above and press Enter to search. Press Esc to cancel.