{"id":10837,"date":"2023-03-11T01:36:45","date_gmt":"2023-03-11T01:36:45","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=10837"},"modified":"2023-03-11T01:36:45","modified_gmt":"2023-03-11T01:36:45","slug":"cftc-chair-insists-ether-is-a-commodity-not-a-security-as-claimed-by-sec-chairman","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10837","title":{"rendered":"CFTC Chair Insists Ether Is a Commodity, Not a Security as Claimed by SEC Chairman"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The chairman of the Commodity Futures Trading Commission (CFTC) has insisted that ether is a commodity, not a security as claimed by the chairman of the Securities and Exchange Commission (SEC). The CFTC chief stressed that the derivatives watchdog would not have allowed ether futures products to be listed on CFTC-regulated exchanges \u201cif we did not feel strongly that it was a commodity asset.\u201d<\/strong><\/p>\n<h2>Ether Is a Commodity, Claims CFTC Chairman<\/h2>\n<p>The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, addressed the claim made by the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, that all crypto tokens other than bitcoin are securities at a hearing before the Senate Committee on Agriculture, Nutrition, and Forestry on Wednesday.<\/p>\n<p>During the hearing, Senator Kirsten Gillibrand (D-NY) asked Behnam: \u201cIn light of Chairman Gensler\u2019s recent suggestion that all digital assets except for bitcoin are securities, what does that mean for a number of designated contract markets [DCMs] currently offering futures or swaps on ether?\u201d DCMs are exchanges that operate under the regulatory oversight of the CFTC.<\/p>\n<p>\u201cIt would obviously raise questions about the legality of those DCMs, designated contract markets, listing these digital assets that are purported to be securities,\u201d the CFTC chairman replied, reiterating:<\/p>\n<p>I\u2019ve made the argument that ether is a commodity.<\/p>\n<p>Noting that ether-based products have been \u201clisted on CFTC exchanges for quite some time,\u201d Behnam said: \u201cFor that reason, it creates a very direct jurisdictional hook for us to police obviously the derivatives market but also the underlying market as well.\u201d<\/p>\n<p>He further detailed: \u201cThe process for which an exchange or DCM will list a contract is very clear under our law. They could seek approval from the Commission [CFTC] or they could self-certify a product. That self-certification process is one that shifts the responsibility to both the CFTC and the market participant.\u201d<\/p>\n<p>The CFTC chief proceeded to explain why he strongly believes that ether is a commodity. \u201cI would say serious and deep legal analysis goes into the thought process before a product is self-certified, so there\u2019s no doubt in my mind and having known this and been at the Commission when ether futures were listed that both the exchange and the Commission thought very deeply and thoughtfully about \u2018what is the product?\u2019 and \u2018does it fall within the commodity regime or the security regime?&#8217;\u201d He stressed:<\/p>\n<p>We would not have allowed the product, in this case, the ether futures product, to be listed on a CFTC exchange if we did not feel strongly that it was a commodity asset.<\/p>\n<p>\u201cBecause we have litigation risk, we have agency credibility risk if we do something like that without serious legal defense or defenses to sort of support our argument that the asset is a commodity,\u201d Behnam concluded.<\/p>\n<p>Tags in this story<\/p>\n<p>CFTC ether, CFTC ether commodity, ETH, ether, ether commodity, ether not security, ether security, Ethereum, ethereum commodity, ethereum security, Gary Gensler ether, Rostin Behnam, Rostin Behnam ether, Rostin Behnam ether commodity, Rostin Behnam Gary Gensler ether, sec chair gary gensler<\/p>\n<p><em><strong>Do you think ethereum will be classified as a security or a commodity in the U.S.? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA 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.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: 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.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/cftc-chair-insists-ether-is-a-commodity-not-a-security-as-claimed-by-sec-chairman\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chairman of the Commodity Futures Trading Commission (CFTC) has insisted that ether is a commodity, not a security as claimed by the chairman of the Securities and Exchange Commission (SEC). The CFTC chief stressed that the derivatives watchdog would not have allowed ether futures products to be listed on CFTC-regulated exchanges \u201cif we did [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-10837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10837"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10837\/revisions"}],"predecessor-version":[{"id":10839,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10837\/revisions\/10839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10838"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}