CFTC Chairman Rostin Benham said various digital assets, including Ethereum and stablecoins, are commodities at the hearing. March 8.
ETH, stablecoin Rostin Benham
At a Senate Agriculture Committee hearing, Benham said:
“I have argued that Ethereum is a commodity…it has been listed on the CFTC exchange for quite some time.”
Benham said this would provide a “jurisdiction” for the CFTC to regulate the derivatives and underlying markets trading ETH.
He said Ethereum futures products listed on the platform under the authority of the CFTC were done only with its approval.
Benham also commented on stablecoins, stating:
“I agree…stablecoins…are and should be regulated financial instruments. right”
After scrutinizing Tether, Benham said the company clearly determined that it was a commodity. He said he determined he needed to act “quickly” to crack down on the company. $42.5 million settlement Late 2021.
STATEMENT COUNTER SEC CHAIRMAN
Benham made these statements in response to questions from Senator Kirsten Gillibrand, DN.Y., during a Senate Agriculture Committee hearing.
Gillibrand posed these questions so that Benham could counter previous statements by U.S. Securities and Exchange Commission Chairman Gary Gensler. Gensler recently claimed that most crypto assets are securities.
When Gillibrand suggested this could create a “race” for oversight, Benham said exchanges and designated contract markets could seek approval from the commission or self-certify. He said the latter option shifts responsibility to the CFTC and the exchange itself and involves a “deep legal analysis.”
Gensler has also suggested that the CFTC may have a greater regulatory role, which means Benham’s comments are not at odds with Gensler’s.