Fun

CFTC Chairman on US Crypto Regulation: We Have to Rely on 70-Year-Old Case Law to Determine What’s a Security or Commodity

News Feed - 2022-10-03 10:10:15

CFTC Chairman on US Crypto Regulation: We Have to Rely on 70-Year-Old Case Law to Determine What"s a Security or Commodity


The chairman of the Commodity Futures Trading Commission (CFTC) says his agency and the Securities and Exchange Commission (SEC) “have to rely on 70-year-old case law to determine what’s a security or a commodity.” He stressed that the SEC and CFTC are working together to regulate the crypto space, noting that “It’s not a turf war.” CFTC Chairman on Crypto Regulation, Working With SEC


Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam talked about cryptocurrency regulation in an interview with CNBC last week.


Responding to a question about whether the CFTC gets along with the Securities and Exchange Commission (SEC) and whether the two agencies share resources to regulate the crypto sector, he affirmed: We do get along. We can share, we have shared, and we will share.


“For the CFTC, the difficulty is we are a derivatives regulator. We don’t oversee the cash markets. So, the authority that I’ve been asking Congress for is cash authorities, so that we can go in the bitcoin cash market, the ether cash market, and the other digital commodity token [markets],” the CFTC chief explained.


Commenting on SEC Chairman Gary Gensler stating that the majority of crypto tokens out there are securities, Behnam stated: “Well, we’re gonna have to figure that out legislatively because it’s a new asset class. There are different components and characteristics of this asset class as opposed to traditional asset classes.” The CFTC boss described: We have to rely on 70-year-old case-law to determine what’s a security, what’s a commodity.


“We have one court case in New York that says bitcoin is a commodity … We’re trying to find a reasonable outcome that will create certainty for the market,” he concluded.


Behnam also stressed that “it’s not a turf war” between the two regulatory agencies.


SEC Chairman Gensler also previously said that the two regulators are working together to regulate the crypto sector. While Gensler admitted that bitcoin is a commodity, he said last month that “Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities.”


Last month, the SEC announced that it is setting up a dedicated office to review crypto filings. Gensler also said that he has asked SEC staff to fine-tune crypto compliance. Tags in this story CFTC, cftc crypto regulation, cftc vs sec, Crypto regulation, SEC, sec chair gary gensler, sec crypto regulation


What do you think about the comments by the CFTC chairman? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Senator Says "I Love That Bitcoin Can"t Be Stopped" Citing Concerns About National Debt and Inflation REGULATION | 5 hours ago UK Regulator: Crypto Firms Undeterred by Strict Regulation — "They Know We Have a Good System" REGULATION | 20 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRobert Kiyosaki Predicts US Dollar Will Crash by January — Suggests Buying Bitcoin Next articleUS Senator Says ‘I Love That Bitcoin Can’t Be Stopped’ Citing Concerns About National Debt and Inflation Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

XRP Price Ready For A 14% Upswing? Here’s Its Potential Path
Este artículo también está disponible en español. A popular analyst has painted a fresh bullish outlook for the XRP price, putting forward a short-term target around the
Dogecoin Faces Moment Of Truth: Will It Hold The Line Or Freefall?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Turner Wright8 hours agoBankruptcy judge signs off on order allowing Terraform Labs to subpoena FTX entitiesTerraform Labs claimed that the failures of its algorithmic stablecoin and governance token were the result of a
Terra founder Do Kwon released in Montenegro
Amaka Nwaokocha9 hours agoTerra founder Do Kwon released in MontenegroThe decision to release Kwon reportedly came from the Council of the Supreme Court, which is set to review a decision that could grant or deny extradi
Deutsche Bank Strategist Predicts Crypto Could Replace Fiat Money
Deutsche Bank Strategist Predicts Crypto Could Replace Fiat Money Deutsche Bank analysts have made some predictions regarding the future of cryptocurrency. Strategist Jim Reid ex
Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions
Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions Both facing sanctions, Russia and Cuba are looking into alternative options for cross-border payments, including
NFT Market Sales Climb 16% Higher; 43.48% Increase in Buyers in Third Week of 2023
NFT Market Sales Climb 16% Higher; 43.48% Increase in Buyers in Third Week of 2023 Closing out the third week of January 2023, non-fungible token (NFT) assets saw a 16.39% increase
Blockchain Gaming Publisher and Web3 Firm Animoca Brands Secures $110 Million
Blockchain Gaming Publisher and Web3 Firm Animoca Brands Secures $110 Million Blockchain gaming publisher Animoca Brands announced the company has raised $110 million in a funding
US Treasury Secretary Rules Out Government Bailout of Silicon Valley Bank
US Treasury Secretary Rules Out Government Bailout of Silicon Valley Bank U.S. Treasury Secretary Janet Yellen has ruled out a government bailout of the collapsed Silicon Valley Ba
BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert
BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert Before Paxos published a press release at 6 a.m. Eastern time Monday, the stablecoin BUSD had approxim
Brazil poised to launch world’s first spot Solana ETF ahead of global markets
Zoltan Vardai11 hours agoBrazil poised to launch world’s first spot Solana ETF ahead of global marketsAccording to IBM’s former blockchain growth lead, a potential Solana ETF approval in the US could act as a signifi
Prashant Jha10 hours agoAave Chan founder proposes buying $2M in CRV from Curve founderThe proposal drew mixed reactions from the community, with some criticizing the strategy for buying more CRV even as others are looki