U.S. SEC Chairman Gary Gensler clearly supported Congress in giving the CFTC more regulatory powers in September this year to monitor non-security tokens and related intermediaries. In other words, cryptocurrencies with securities attributes are subject to the jurisdiction of the SEC. However, the two chairmen could not reach a consensus on whether ETH is a security. CFTC Chairman Rostin Behnam believes that ETH should be regarded as a commodity.
Legal status of ETH
According to The Block, CFTC (Commodity Futures Trading Commission) Chairman Rostin Behnam said at a meeting on the 24th that he and SEC (Securities and Exchange Commission) Chairman Gary Gensler may not agree on the definition of cryptocurrency, however, this definition It will be decided which agency has the greater regulatory power.
“Ether, I think it’s a commodity, but I know Chairman Gensler doesn’t see it that way, or at least doesn’t have a clear indication of what it belongs to,” Rostin Behnam said.
In addition, Rostin Behnam also pointed out that although both the SEC and the CFTC are members of the Financial Stability Oversight Committee, when recommending that Congress grant regulators to expand the supervision and rule-making power of the digital asset spot market, the committee is concerned about system stability, not system stability. Defining jurisdiction, the boundaries of rights should be left to Congress to decide.
CFTC is not a soft persimmon
After Gary Gensler expressed his support for the CFTC to obtain more regulatory rights over the crypto industry, many people believed that this was a better choice than the SEC and would be more beneficial to the development of the industry.
Rostin Behnam disagrees with this point of view, saying that the CFTC has also had many cryptocurrency enforcement cases in the past, and if it can obtain regulatory authorization for the encrypted commodity market, it will not be only “light regulation”.
Post time: Nov-07-2022