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 <p class="is-style-lead">In a recent CNBC interview, CFTC Chair Rostin Behnam declared most <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> as <a rel="noopener noreferrer nofollow" title="commodities" href="https://thebittimes.com/tag/commodities.html">commodities</a> under current law.</p>
 <p>Behnam stated 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 @CFTCbehnam on #crypto. "Under existing law, many of the tokens constitute commodities." pic.twitter.com/F3JPjWq3wG</p>— Squawk Box (@SquawkCNBC) December 12, 2023
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 <p>However, Behnam highlighted an ongoing “turf war” among U.S. <a rel="noopener noreferrer nofollow" title="regulatory" href="https://thebittimes.com/tag/regulatory.html">regulatory</a> bodies, notably between the CFTC and the Securities and Exchange Commission (SEC), over the authority to regulate the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency industry. This conflict poses significant challenges in establishing clear <a rel="noopener noreferrer nofollow" title="regulatory" href="https://thebittimes.com/tag/regulatory.html">regulatory</a> guidelines for digital <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a>.</p>
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 <p>Despite these challenges, the U.S. remains a global leader in cryptocurrency 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 Gary Gensler, 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 CFTC‘s previous stance, as evident in their December 2021 lawsuit against FTX founder Sam Bankman-Fried, where Bitcoin, Ether, and Tether were categorized as commodities.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cftc-chair-clarifies-crypto-assets-as-commodities-amid-regulatory-struggle-tbt73594.html">https://thebittimes.com/cftc-chair-clarifies-crypto-assets-as-commodities-amid-regulatory-struggle-tbt73594.html</a></p>

CFTC Chair clarifies crypto assets as commodities amid regulatory struggle

TheBitTimes

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