United States Commodity Futures Trading Commission (CFTC) chief Rostin Behnam commented that Bitcoin is the only crypto-based commodity to date, while speaking to an audience at an event at Princeton University.
In a Fortune report, the publication cited Benham’s comments, which contradicted his positive sentiments on Ether as a commodity. According to the interview, he aimed to explain whether a crypto asset was a commodity or security.
Today at Princeton, CFTC Chair Rostin Behnam said that the only cryptocurrency that should be viewed as a commodity is #Bitcoin, walking back from previous remarks made in October when he suggested Ether may also be a commodity.https://t.co/o5NrejDVaU
— Michael Saylor⚡️ (@saylor) December 1, 2022
In the US, Republican lawmakers have slammed the Securities and Exchange Commission (SEC) chairperson of collaborating with the now-bankrupt FTX to “obtain regulatory monopoly.”
Despite this most do not consider Bitcoin a security due to its decentralisation. The news comes after SEC officials targeted Ripple with a massive lawsuit, sparking backlash from blockchain advocate groups such as the Blockchain Association.
SEC Ties to FTX
Conversely, the SEC has been similarly lambasted due to links with FTX. The Digital Commodities Consumer Protection Act (DCCPA) provided the CFTC with oversight capacities, with the CFTC exec defending the Committee’s actions.
He said that it had limited oversight powers and slammed authorities for creating a “matrix of regulators.” The leader also urged better collaboration to manage the growing number of regulations on crypto.
Following the statements, Benham attended a congressional hearing on Thursday to explore the downfall of the FTX exchange, triggered by massive liquidity instability and a major bank run on the FTT cryptocurrency.
Global Crypto Crackdown?
The news comes as the United States, Bahamian, South Korean, Singaporean, and Australian regulators launch a heavy crackdown on crypto platforms to regulate their activities.
Many governments have reconsidered the stability of some cryptocurrencies and aim to require licences of operation for crypto firms in their respective countries, among other measures.
