According to reports, Rostin Behnam, the chief of the United States Commodities Futures Trading Commission (CFTC), commented during a recent crypto event held at Prince University that Bitcoin is predominantly the only cryptocurrency that can be viewed as a commodity.
The CTFC chief’s statement contrasted his earlier statement in October, in which he opined that Ether could also be seen as a commodity. These points were noted in Behnam’s response to questions addressing which cryptocurrency could be classified as a security.
Behnam contrasted his earlier verdict about ETH following intense scrutiny from US lawmakers on financial regulators, including recent accusations of corruption. In addition, there were more accusations from the Republican lawmakers on the SEC chair playing an alliance with FTX to carry out a regulatory monopoly.
Notably, there have been debates as to which cryptocurrencies fit the classification of a commodity. While Ether and the likes have raised some controversies over time, Bitcoin, in its true decentralized nature, is agreeably non-security.
This debate is also why Ripple is currently faced with a lawsuit from the SEC.
CFTC Faces More Criticism
The CFTC remained adamant that it should be the regulator to perform oversight functions over the crypto industry due to the Senate legislation called the Digital Commodities Consumer Protection Act (DCCPA). Hence, the CFTC chief received lots of criticism. But he defended his stance by claiming that the community had no time to wait.
However, Behnam blamed regulators’ duplicity of crypto oversight functions as the cause of the lack of regulatory clarity over the crypto market. Hence, he appealed for a collaboration among regulatory authorities to bring about formidable regulations.
The Congress has announced that there would be a hearing on which discussions would be raised about the now-bankrupt exchange, the origin of its collapse, and lessons drawn from the insolvency.
Many in the crypto industry have questioned the collaboration between US policymakers and the former FTX CEO, Sam Bankman-Fried. They claim that Bankman-Fried made efforts to bribe CFTC, the primary crypto regulatory body.
A recent report also revealed that some US regulators tried to stop the SEC from making further investigations on FTX.
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