{"id":4420,"date":"2022-05-25T13:52:58","date_gmt":"2022-05-25T13:52:58","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=4420"},"modified":"2022-05-25T13:52:59","modified_gmt":"2022-05-25T13:52:59","slug":"cftc-chairman-confirms-bitcoin-ether-are-commodities","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4420","title":{"rendered":"CFTC Chairman Confirms Bitcoin, Ether Are Commodities"},"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 U.S. Commodity Futures Trading Commission (CFTC) says he is certain bitcoin and ether are commodities. He outlined how his agency is working with the U.S. Securities and Exchange Commission (SEC) to regulate the crypto sector, noting that \u201cthere are no customer protections right now in the crypto market.\u201d<br \/><\/strong><\/p>\n<h2>Bitcoin and Ether Are Commodities \u2018For Sure\u2019<\/h2>\n<p>CFTC Chairman Rostin Behnam discussed the regulation of cryptocurrencies by the CFTC and the SEC in an interview with CNBC last week.<\/p>\n<p>The chairman was asked to comment on a bill in Congress that puts the SEC in charge of security tokens and the CFTC in charge of commodity tokens.<\/p>\n<p>\u201cThis is a little bit of an age-old issue between the CFTC and the SEC. We have a great relationship historically \u2026 Within this space, in my view, it makes sense for commodities to be regulated by the Commodity Futures Trading Commission and securities to be regulated by the SEC,\u201d Behnam detailed.<\/p>\n<p>The CFTC boss noted that within the crypto space, there will be some coins that are securities and some that are commodities.<\/p>\n<p>When asked to comment on SEC Chairman Gary Gensler\u2019s claim that most of the crypto tokens out there are securities, Behnam stressed that the largest cryptocurrencies are commodities. He emphasized:<\/p>\n<p>Well, I can say for sure bitcoin \u2026 is a commodity. Ether as well.<\/p>\n<p>Admitting that there may be a lot of security coins, the CFTC chief noted, \u201cthere are plenty of community coins.\u201d He clarified: \u201cI think it makes sense that each agency has jurisdiction over commodities and securities respectively.\u201d<\/p>\n<p>The CFTC chairman was asked whether there is any disagreement between the two agencies. \u201cI wouldn\u2019t say there is disagreement,\u201d he replied, emphasizing that each agency tries to do what\u2019s best.<\/p>\n<p>Commenting on the crypto market sell-off last week, Behnam said:<\/p>\n<p>A lot of people got hurt. A lot of value was lost in the market, and there really are no customer protections right now.<\/p>\n<p>He concluded that both the CFTC and the SEC want to regulate the crypto sector \u201cthoughtfully,\u201d protect customers, and protect financial stability.<\/p>\n<p><em><strong>What do you think about the comments by the CFTC chairman? 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-chairman-confirms-bitcoin-ether-are-commodities\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chairman of the U.S. Commodity Futures Trading Commission (CFTC) says he is certain bitcoin and ether are commodities. He outlined how his agency is working with the U.S. Securities and Exchange Commission (SEC) to regulate the crypto sector, noting that \u201cthere are no customer protections right now in the crypto market.\u201d Bitcoin and Ether [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-4420","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\/4420","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=4420"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4420\/revisions"}],"predecessor-version":[{"id":4422,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4420\/revisions\/4422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4421"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}