Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), stated that Bitcoin (BTC) and Ethereum (ETH) are commodities. He said this during a interview with CNBC’s Squawk Box on Monday.

Referring to a Senate bill that seeks to give the Securities and Exchange Commission (SEC) control of a large part of the crypto market, leaving the CFTC with much less control, Behnam said that this matter It is an old issue between the two agencies.

According to Behnam, the CFTC and the SEC have had a great relationship over the years and continue to communicate and work together. He added that both entities have many common registrants. However, Behnam thinks it makes sense for the CFTC to regulate commodities and for the SEC to regulate securities.

He further noted that the digital asset sphere, containing thousands of tokens, naturally features some commodities and securities. To this end, the CFTC chairman said it makes sense to look at both types of assets to determine which tokens qualify as securities or commodities.

Behnam acknowledged that classifying the crypto market to distinguish securities from commodities will be complex. According to him, the novelty of some currencies and the technology they harness would mean checking what constitutes a security or commodity under traditional securities and commodity laws.

Pa lot of cryptos qualify as commodities

Although Behnam conceded that there are hundreds, if not thousands, of security coins, he argued that commodity coins also account for a fair share of the tokens in the cryptocurrency market. He said both regulators are just trying to do their best.

Echoing the thoughts of SEC Chairman Gary Gensler, Behnam said that the crypto market has no consumer protections. He noted that last week’s accident highlighted the need for such protections.

In conclusion, Behnam said:

Regardless of what the narrative is about the differences between us (CFTC) and the SEC, I think we’re both like-minded in the fact that we want to carefully regulate this, protect customers, protect financial stability.

This news comes after the SEC Announced plans to expand its crypto team to work on improving consumer protection. Specifically, regulators said it was looking to increase the number of staff in its Division of Enforcement’s Crypto and Cyber ​​team from 30 to 50.

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This post CFTC Chairman Labels Bitcoin and Ethereum as Commodities

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