CFTC Chair clarifies crypto assets as commodities amid regulatory struggle
In a recent CNBC interview, CFTC Chair Rostin Behnam declared most crypto assets as commodities under current law. Behnam stated that under current laws in the U.S., most crypto assets are considered commodities, a standpoint that sheds light on their regulatory status. "It is figuring out how existing, decades-old law, fits into this new technology that seems to be changing and ultimately needs a new way of thinking around policy and legislating," says @CFTCbehnam on #crypto. "Under existing law, many of the tokens constitute commodities." pic.twitter.com/F3JPjWq3wG — Squawk Box (@SquawkCNBC) December 12, 2023 However, Behnam highlighted an ongoing “turf war” among U.S. regulatory bodies, notably between the CFTC and the Securities and Exchange Commission (SEC), over the authority to regulate the crypto currency industry. This conflict poses significant challenges in establishing clear regulatory guidelines for digital assets . You...