CFTC Chairman: Digital Assets Including Ethereum and Stablecoins Are Commodities

CFTC Chairman Rostin Benham said digital assets of all kinds, including ethereum and stablecoins, are commodities.

During a Senate Agriculture Committee hearing on March 8, Benham said:

“I think ethereum is a commodity … it’s been listed on CFTC-regulated exchanges for a long time.”

According to Benham, this provides the CFTC with an “authoritative hook” to regulate the ETH-traded derivatives market, as well as any underlying markets.

Any ethereum futures product already listed on a CFTC-regulated platform must be approved by the agency to proceed, he said.

Benham also commented on stablecoins, saying:

“I agree that…stablecoins are and should be…regulated financial instruments. Regardless of the regulatory framework surrounding stablecoins, they will become commodities in my view.”

Benham said the company purposely identified Tether as a commodity after a thorough review.

Benham made the statements during the hearing in response to questions from Sen. Kirsten Gillibrand (D-N.Y.).

Benham disputed earlier statements by Securities and Exchange Commission (SEC) Chairman Gary Gensler. Gensler recently argued that most crypto assets are securities.

While Gillibrand suggested that this could create a regulatory “competition,” Benham explained that designated exchanges and contract markets could seek approval from the Commission or participate in the process. Participate in the self-certification process – which means shifting responsibility to the CFTC and the exchanges themselves and involves “in-depth legal analysis.”

Gensler also suggested that the CFTC could take on a larger regulatory role, which means Benham’s comments do not contradict Gensler’s.

  • CFTC Commissioner Calls on U.S. Senate to Tighten Cryptocurrency Regulation
  • The US CFTC once again declared ETH a commodity


According to Cryptoslate

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img