Cryptocurrencies have been in our lives for almost 14 years, but governments are still struggling with ‘classification’. Some countries classify assets as ‘money’, while others classify them as securities and commodities. Prominent Ethereum continues to face a similar classification problem. Rostin Benham, Chairman of the Commodity Futures Trading Commission (CFTC), defined ETH as a ‘commodity’.
Rostin Behnam spoke at a recent event. She pointed out how her view on Ethereum differs from the perception of altcoins by Securities and Exchange Commission (SEC) Chairman Gary Gensler.
Gary Gensler On the other hand, he is holding back from expressing his views on Ethereum. Gensler spoke just before the network moved to ‘proof-of-stake’ post The Merge. In this speech, it was implied that ETH could be seen as a ‘securities’. As a result, according to Gensler, the only asset that should be considered a commodity should be Bitcoin.
Koinfinans.com As we have reported, SEC Chairman Gary Gensler has stated that he does not see decentralization as a reality of crypto markets, despite its origins against central authorities.
The XRP community, on the other hand, became hostile to the Ethereum network with these news. The reason is that although it is a ‘securities’, it does not have any problems with it. The community especially drew attention to the post ‘Merge’ security issue.
As a result, the thoughts of the SEC and the CFTC do not go very well. US officials continue to create confusion on this issue.
When Will Cryptocurrencies Be Clarified?
in the USA crypto regulationcontinues to be chaotic given the large number of institutions involved. Benham had the following to say on the subject:
“It is rather cynical to suggest that the two institutions cannot solve this and work together.”
The head of the CFTC pointed out that both institutions will continue to work together to regulate the crypto industry. However, he noted that there are some gray areas that need to be touched. This will require the CFTC and SEC to collaborate on both legal and policy questions to find a middle ground.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.