The chairman of the U.S. Commodity Futures Trading Commission (CFTC) states he is specific bitcoin and ether are products. He detailed how his firm is dealing with the U.S. Securities and Exchange Commission (SEC) to control the crypto sector, keeping in mind that “there are no client defenses today in the crypto market.”
Bitcoin and Ether Are Commodities ‘For Sure’
CFTC Chairman Rostin Behnam talked about the guideline of cryptocurrencies by the CFTC and the SEC in an interview with CNBC recently.
The chairman was asked to talk about an expense in Congress that puts the SEC in charge of security tokens and the CFTC in charge of product tokens.
” This is a bit of an olden concern in between the CFTC and the SEC. We have a fantastic relationship traditionally … Within this area, in my view, it makes good sense for products to be controlled by the Commodity Futures Trading Commission and securities to be controlled by the SEC,” Behnam detailed.
The CFTC manager kept in mind that within the crypto area, there will be some coins that are securities and some that are products.
When asked to talk about SEC Chairman Gary Gensler’s claim that the majority of the crypto tokens out there are securities, Behnam worried that the biggest cryptocurrencies are products. He stressed:
Well, I can state for sure bitcoin … is a product. Ether.
Admitting that there might be a lot of security coins, the CFTC chief kept in mind, that “there are a lot of neighborhood coins.” He clarified: “I believe it makes good sense that each firm has jurisdiction over products and securities respectively.”
The CFTC chairman was asked whether there is an argument between the 2 companies. “I would not state there is an argument,” he responded, highlighting that each company attempts to do what’s finest.
Commenting on the crypto market sell-off recently, Behnam stated:
A lot of individuals got injured. A great deal of worth was lost in the market, and there truly are no consumer defenses today.
He concluded that both the CFTC and the SEC wish to manage the crypto sector “attentively,” safeguard clients, and secure monetary stability.