"CFTC VS SEC, who will win?"
The United States (US) Commodity and Futures Trading Commission (CFTC) has exercised its jurisdiction by classifying the cryptocurrency Ethereum (ETH) and stablecoins as commodities.
This raises questions that show incoherence among US regulators to regulate the crypto market, said CFTC Chairman Rostin Behnam while addressing the Senate Agriculture Committee.
Behnam added that fiat-backed stablecoins should not fall into the category of securities since they bring no profit to their holders, citing an investigation into Tether (USDT) agreeing to pay $40 million in settlement charges.
Not only stablecoins, Behnam said ETH, which is the world's second largest crypto and BTC competitor that has been listed on the CFTC exchange for quite some time is also a commodity.
It is well known that ETH has been listed on the CFTC exchange as they believe it has the potential to be a commodity asset and the agency will have a serious legal defense to support its case.
Behnam directed Congress to seek more clarity on jurisdiction in regulating crypto markets and demanded comprehensive regulatory legislation.
While adding that enforcement alone is not enough to deal with risks such as fraud, manipulation, stabilize the market and protect customers.
