{"id":561329,"date":"2023-03-09T06:37:21","date_gmt":"2023-03-09T03:37:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/stablecoins-and-ether-are-going-to-be-commodities-reaffirms-cftc-chair\/"},"modified":"2023-03-09T06:37:21","modified_gmt":"2023-03-09T03:37:21","slug":"stablecoins-and-ether-are-going-to-be-commodities-reaffirms-cftc-chair","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/stablecoins-and-ether-are-going-to-be-commodities-reaffirms-cftc-chair\/","title":{"rendered":"# \u200b\u200bStablecoins and Ether are \u2018going to be commodities,\u2019 reaffirms CFTC chair"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3707c575e52\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3707c575e52\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/stablecoins-and-ether-are-going-to-be-commodities-reaffirms-cftc-chair\/#%E2%80%9D_%E2%80%8B%E2%80%8BStablecoins_and_Ether_are_%E2%80%98going_to_be_commodities_reaffirms_CFTC_chair_%E2%80%9C\" >&#8221; \u200b\u200bStablecoins and Ether are \u2018going to be commodities,\u2019 reaffirms CFTC chair &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_%E2%80%8B%E2%80%8BStablecoins_and_Ether_are_%E2%80%98going_to_be_commodities_reaffirms_CFTC_chair_%E2%80%9C\"><\/span>&#8221; \u200b\u200bStablecoins and Ether are \u2018going to be commodities,\u2019 reaffirms CFTC chair &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvYmUxZTY0YTYtMWZiZi00Yjk4LWI4NWYtMWJiMzY2MzNkYjNjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Stablecoins and Ether (ETH) are commodities and should come under the purview of the United States Commodity Futures Trading Commission (CFTC), its chairman has again asserted at a recent Senate hearing.<\/p>\n<p>At the Mar. 8 Senate Agricultural hearing, CFTC chair, Rostin Behnam, was asked by Senator Kirsten Gillibrand about the differing views held by the regulator and the Securities and Exchange Commission (SEC) following the CFTC\u2019s 2021 settlement with stablecoin issuer Tether, Behnam said:<\/p>\n<blockquote><p>\u201cNotwithstanding a regulatory framework around stablecoins, they\u2019re going to be commodities in my view.\u201d<\/p><\/blockquote>\n<p>\u201cIt was clear to our enforcement team and the commission that Tether, a stablecoin, was a commodity,\u201d he added.<\/p>\n<p>In the past, the CFTC has asserted that certain digital assets such as Ether, Bitcoin (BTC) and Tether (USDT) were commodities \u2014 such as in its lawsuit against FTX founder Sam Bankman-Fried in mid-December.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is a pretty stark (almost impassioned?) rebuke of the \u2018everything except BTC is a security\u2019 and \u2018stablecoins are securities\u2019 positions. Would be great if the CFTC released the legal analysis on these issues Chairman Behnam says it did. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/RIeTgUxTFd\">https:\/\/t.co\/RIeTgUxTFd<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/LGtuEPs4X3\">pic.twitter.com\/LGtuEPs4X3<\/a><\/p>\n<p>\u2014 Lawtoshi (@lawtoshi) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lawtoshi\/status\/1633581298957824000?ref_src=twsrc%5Etfw\">March 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Asked what evidence the CFTC would put forward to win regulatory influence over Ether during the Senate hearing, Behnam said it \u201cwould not have allowed\u201d Ether futures products to be listed on CFTC exchanges if it \u201cdid not feel strongly that it was a commodity asset,\u201d and added:<\/p>\n<blockquote><p>\u201cWe have litigation risk, we have agency credibility risk if we do something like that without serious legal defenses to support our argument that [the] asset is a commodity.\u201d<\/p><\/blockquote>\n<p>The comment has seemingly cemented Behnam&#8217;s sometimes wavering opinion on the classification of Ether. During an invite-only event at Princeton University in November last year he said Bitcoin was the only cryptocurrency that could be viewed as a commodity, leaving out Ether. Only a month before that, he suggested Ether could be viewed as a commodity too.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>CFTC continues to explore digital asset policy considerations in MRAC meeting<\/em><\/strong><\/p>\n<p>Behnam\u2019s most recent comments oppose a view held by SEC chair, Gary Gensler, who claimed in a Feb. 23 New York Magazine interview that \u201ceverything other than Bitcoin\u201d is a security, a claim that was rebuffed by multiple crypto lawyers.<\/p>\n<p>The differing viewpoints of the market regulators could set the stage for a conflict as each vies for regulatory control of the crypto industry.<\/p>\n<p>In mid-Febuary, the SEC flexed its authority against stablecoin issuer Paxos saying it may sue the firm for violating investor protection laws alleging its Binance USD (BUSD) stablecoin is an unregistered security.<\/p>\n<p>Around the same time, the regulator similarly targeted Terraform Labs and called its algorithmic stablecoin TerraUSD Classic (USTC) a security, a move Delphi Labs <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> counsel, Gabriel Shapiro, said could be a \u201croadmap\u201d for how the SEC could structure future suits against other stablecoin issuers.<\/p>\n<p>The SEC\u2019s crypto clampdowns have seen pushback front he industry, Circle founder and CEO, Jeremy Allaire said he doesn\u2019t believe \u201cthe SEC is the regulator for stablecoins\u201d saying they should be overseen by a banking regulator.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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At the Mar. 8 Senate Agricultural hearing, CFTC chair, Rostin Behnam,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":561330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/be1e64a6-1fbf-4b98-b85f-1bb36633db3c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75422,74891,74898,75493,70934,72287,36041,67874],"class_list":["post-561329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cftc","tag-ethereum","tag-sec","tag-stablecoin","tag-regulation","tag-security","tag-tether","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=561329"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561329\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/561330"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=561329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=561329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=561329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}