---
title: "US CFTC Chair believes most crypto should be classified as commodities"
url: https://diffcoin.com/us-cftc-chair-believes-most-crypto-should-be-classified-as-commodities/
description: "Behnam and Gensler share common goals but differ on crypto oversight, leading to a 'turf war' between the CFTC and SEC."
published: 2023-12-13
updated: 2023-12-13
author: "Mila"
site: "Diffcoin"
---

# US CFTC Chair believes most crypto should be classified as commodities

#### Share this article

Rostin Behnam, the US Commodity Futures Trading Commission (CFTC) chairman, recently stated that many cryptocurrencies are considered commodities under current laws. He expressed concern over the need for clear regulatory guidelines, which has become a significant obstacle for businesses operating in the crypto industry in the US.

> “It’s about figuring out how existing, decades-old laws fit into this new technology that seems to be changing and ultimately requires a new way of thinking around policy and legislation. Under existing law, many of the tokens are considered commodities,” he explained.

Behnam has previously stated that digital assets, including Ethereum and stablecoins, are commodities. The CFTC upheld this classification in a lawsuit against FTX founder Sam Bankman-Fried in December 2021, where the commission asserted that Bitcoin, Ether, and Tether are commodities.

In contrast, Gary Gensler, the chair of the Securities and Exchange Commission (SEC), has consistently argued that all crypto, except Bitcoin, are securities and should be regulated by the SEC.

Behnam cited the CFTC’s previous designation of Ether, Tether, and other significant cryptocurrencies as commodities. Gensler contends that the public invests in crypto with the expectation of profits, meaning they meet the definition of securities.

The differing views of these two regulatory bodies have led to what Behnam describes as a “turf war” over who gets to regulate the crypto industry.

Despite the ongoing regulatory dispute, Behnam maintains a positive working relationship with the SEC, emphasizing that both agencies share the same interest in protecting the US markets, the country’s financial ecosystem, and consumers.

This regulatory uncertainty and continuous enforcement actions have seemingly discouraged some crypto companies from continuing business in the US. The industry and investors eagerly await a resolution providing much-needed clarity and stability in the regulatory space.

#### Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

[Source link](https://cryptobriefing.com/us-cftc-chair-believes-most-crypto-should-be-classified-as-commodities/?utm_source=feed&utm_medium=rss)