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<p class="is-style-lead">In a recent CNBC interview, CFTC Chair Rostin Behnam declared most crypto assets as commodities under current law.</p> 
<p>Behnam <a href="https://twitter.com/CFTCbehnam/status/1734342397944074585" data-type="link" data-id="https://twitter.com/CFTCbehnam/status/1734342397944074585" target="_blank" rel="noopener">stated</a> that under current laws in the U.S., most crypto assets are considered commodities, a standpoint that sheds light on their regulatory status.</p> 
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   <p lang="en" dir="ltr">"It is figuring out how existing, decades-old law, fits into this new technology that seems to be changing and ultimately needs a new way of thinking around policy and legislating," says <a href="https://twitter.com/CFTCbehnam?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@CFTCbehnam</a> on <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#crypto</a>. "Under existing law, many of the tokens constitute commodities." <a href="https://t.co/F3JPjWq3wG" target="_blank">pic.twitter.com/F3JPjWq3wG</a></p>— Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1734557418535756155?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 12, 2023</a>
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<p>However, Behnam highlighted an ongoing “turf war” among U.S. regulatory bodies, notably between the CFTC and the Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" data-type="link" data-id="https://crypto.news/tag/sec/">SEC</a>), over the authority to regulate the cryptocurrency industry. This conflict poses significant challenges in establishing clear regulatory guidelines for digital assets.</p> 
<p> You might also like: <a href="https://crypto.news/cftc-commissioner-says-binances-4-3-billion-settlement-due-to-rule-breaking-not-fraud/"> CFTC Commissioner says Binance’s $4.3b settlement due to rule-breaking, not fraud </a> </p> 
<p>Despite these challenges, the U.S. remains a global leader in <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/">cryptocurrency</a> alongside countries like Australia and Brazil. Nonetheless, the lack of regulatory clarity and continuous enforcement actions against crypto businesses are discouraging factors for enterprises operating in the region.</p> 
<p>Behnam’s views on crypto regulation differ from those of SEC Chair <a href="https://crypto.news/tag/gary-gensler/" data-type="link" data-id="https://crypto.news/tag/gary-gensler/">Gary Gensler</a>, who asserts that crypto intermediaries should fall under the SEC’s jurisdiction as they transact in securities. Despite their differing opinions, Behnam emphasized a positive working relationship with the SEC, with both agencies focusing on protecting U.S. markets, the financial ecosystem, and consumers.</p> 
<p>At a Senate Agriculture Committee hearing in March, Behnam reiterated that various digital assets, including Ethereum and stablecoins, are commodities. This classification aligns with the <a href="https://crypto.news/tag/cftc/" data-type="link" data-id="https://crypto.news/tag/cftc/">CFTC</a>‘s previous stance, as evident in their December 2021 lawsuit against FTX founder Sam Bankman-Fried, where <a href="https://crypto.news/price/bitcoin/">Bitcoin</a>, <a href="https://crypto.news/price/ethereum/">Ether</a>, and <a href="https://crypto.news/price/tether/">Tether</a> were categorized as commodities.</p> 
<p> Read more: <a href="https://crypto.news/u-s-cftc-to-aggressively-pursue-crypto-exchanges-that-violate-trading-laws/"> U.S. CFTC to aggressively pursue crypto exchanges that violate trading laws </a> </p>

CFTC Chair clarifies crypto assets as commodities amid regulatory struggle

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