Behnam's views contrast with those of SEC Chair Gary Gensler, who believes that crypto intermediaries should fall under the SEC's jurisdiction. Despite this, Behnam emphasized a positive working relationship with the SEC, with both agencies aiming to protect U.S. markets, the financial ecosystem, and consumers. He also reiterated that various digital assets, including Ethereum and stablecoins, are commodities, aligning with the CFTC's previous stance.
Key takeaways:
- CFTC Chair Rostin Behnam has declared most crypto assets as commodities under current U.S. law, shedding light on their regulatory status.
- There is an ongoing "turf war" between the CFTC and the SEC over the authority to regulate the cryptocurrency industry, leading to challenges in establishing clear regulatory guidelines.
- Despite regulatory challenges, the U.S. remains a global leader in cryptocurrency, although the lack of regulatory clarity and enforcement actions against crypto businesses are discouraging for enterprises operating in the region.
- Behnam's views differ from SEC Chair Gary Gensler, who believes crypto intermediaries should fall under the SEC's jurisdiction. However, both agencies are focused on protecting U.S. markets, the financial ecosystem, and consumers.