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Speaking at an interview with CNBC, Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, clarified the regulatory jurisdictions of the CFTC and the Securities and Exchange Commission (SEC).
Behnam was quizzed about a bill in Congress that limited the regulatory jurisdiction of the SEC to security tokens and the CFTC to commodity tokens. The chairman explained:
“This is a little bit of an age-old issue between the CFTC and the SEC. We have [had] a great relationship historically … 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.”
Behnam clarified that the cryptocurrency market hosts several kinds of coins, including security tokens and commodity tokens.
Bitcoin and Ethereum are Commodities, Not Security Coins: CFTC Boss
The interviewer asked the CFTC boss to comment on SEC Chairman Gary Gensler’s previous assertions that most crypto tokens are security tokens. To this, Behnam stressed that the most prominent cryptocurrencies on the market are commodities, explaining:
“Well, I can say for sure bitcoin … is a commodity. Ether as well.”
However, he admitted that there are more security coins than commodity ones, noting that “there are plenty of community coins.” The CFTC chairman explained: “I think it makes sense that each agency has jurisdiction over commodities and securities respectively.”
When quizzed if there were opposing stances between both agencies, Behnam dismissed the claim, noting: “I wouldn’t say there is disagreement.” He also emphasized that both agencies try to do what is best in their respective fields.
Speaking on the recent market crash, Behnam noted;
“A lot of people got hurt. A lot of value was lost in the market, and [they] really are no customer protections right now.”
The American lawyer concluded the interview by clarifying that both agencies are focused on regulating the cryptocurrency industry, protecting customers, and securing financial stability.
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