Rostin Behnam, CFTC Chair choses Bitcoin over Ethereum

Bitcoin news, News

At a private crypto event that was held at Princeton University, the chair of the United States Commodity Futures Trading Commission (CFTC), Rostin Behnam, made a statement by dismissing Ethereum and expressing a preference for Bitcoin as a commodity. He said this in response to a question about whether or not cryptocurrencies should be considered commodities. Behnam used the opportunity presented by the demise of the FTX to make his case for the need for proper laws to protect against the risks posed by an uncontrolled crypto market.

The question of whether or not a token should be classified as a security or a commodity is now being debated within the relevant legislative framework.

According to Behnam, Ethereum is not a commodity. [Citation needed] During an interview in May with CNBC, the Chairman of the Commodity Futures Trading Commission (CFTC), Behnam, said that “he deems both Bitcoin and Ethereum appropriate to be designated a commodity.” Behnam also said that “plenty” of other tokens are appropriate for classification as commodities.

Behnam requested the authorities to conduct an investigation into each cryptocurrency token and determine if it should be categorized as a commodity or a security. The Securities and Exchange Commission (SEC) will then appoint a security designating agency authority and the Commodity Futures Trading Commission (CFTC) for those commodities that have been designated.

Compiled by Coinbold