Rostin Behnam, chairman of the US Commodity Futures Trading Commission (CFTC), reiterated his belief that the leading altcoin Ethereum (ETH) is a commodity at a recent hearing in the US House on March 28. Here are the details…
CFTC Chairman reiterates that leading altcoin ETH is a commodity
Rostin Behnam, chairman of the US Commodity Futures Trading Commission (CFTC), reaffirmed his view that Ethereum (ETH) is a commodity type at a hearing by the US House on March 28. This explanation cryptocoin.com As we have also reported, it came with the CFTC’s lawsuit against Binance on March 27. As it is known, CFTC; He claims that Bitcoin, Ethereum, Litecoin and stablecoins Tether (USDT) and BUSD, as well as Binance, are trading commodities illegally.
Chairman Behnam’s remarks are controversial in crypto circles as they contradict the opinion of Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), who believes Ethereum can be a security. This could potentially lead to conflicting regulatory frameworks and regulations for cryptocurrencies in the US. “It is this belief that sparks a lawsuit against Binance and Bitcoin-Ethereum trading platforms,” said Chairman Behnam during the hearing. This statement was notable as it could mean that the CFTC could conduct investigations into similar transactions on other exchanges from a regulatory perspective.
CFTC lawsuit came as a surprise to everyone
It is worth noting that the CFTC and Chairman Behnam have previously been viewed in the cryptocurrency industry as more crypto-friendly than the SEC. But the CFTC’s legal action against Binance came as a surprise to many. When asked about the possibilities for innovation in cryptocurrency, President Behnam said that Europe has established a comprehensive framework that will be implemented over the next few years. He added that the United States should take time and think carefully before taking any steps in this direction.
As a result, Rostin Behnam, Chairman of the US Commodity Futures Trading Commission (CFTC), reiterated his belief that Ethereum (ETH) is a commodity at the last hearing in the US House on March 28. This statement drew attention as it contradicted the view of Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), who believed that Ethereum could be a security. Chairman Behnam’s statements regarding Ethereum and the CFTC’s legal action against Binance once again highlighted the regulatory challenges facing the cryptocurrency industry. As the US government continues to grapple with how to regulate this rapidly evolving industry, it is not yet clear how this will affect the broader cryptocurrency market and its participants.
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