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.
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