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CFTC Chair Announces Ether and Stablecoins Are Commodities


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US Commodity Futures Trading Commission (CFTC) Chairman Rustin Behnam reiterated his stance on ether (ETH) and stablecoins, stating that they qualify as securities.

During a Senate Agriculture Committee hearing on March 8 on oversight of the CFTC, Chairman Rustin Behnam reiterated his belief that stablecoins should be regulated as commodities.

Sen. Kirsten Gillibrand questioned Benham about the different stance of the CFTC and the Securities and Exchange Commission (SEC). He noted the former’s settlement with USDT stablecoin issuer Tether in 2021.

Benham stated that the stablecoin’s status as a commodity was clear to the enforcement team.

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While the CFTC believes that Bitcoin (BTC) and a large number of altcoins are commodities, its counterpart, the Securities and Exchange Commission (SEC), has made clear over time that BTC may be the only true commodity in the entire digital asset space.

Gary Gensler’s SEC has taken a tough approach to regulating cryptocurrencies amid criticism from Web3 supporters. In 2022, the feared regulatory watchdog implemented 50% more enforcement action against crypto projects.

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