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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...

Despite the Securities and Exchange Commission’s crackdown on prominent participants in the industry, many traditional finance giants remain undeterred in their pursuit of crypto-related opportunities. Though regulatory clarity will be key for such companies, industry watchers said, financial heavyweights look to utilize their regulatory muscle and large client bases to move deeper into crypto in a bid to help shape the future of finance. Since the SEC sued Binance and Coinbase, competing exchanges have delisted tokens that the SEC deemed securities, including Robinhood, eToro, and Bakkt. The SEC kicked off 2023 with a lawsuit against Gemini and Genesis for allegedly mishandling customer funds. It telegraphed its lawsuit against Coinbase by slapping the company with a Wells notice in March. Despite the SEC’s ramp-up of enforcement actions in the space, certain TradFi firms are staying the course — seemingly viewing the space as a long-term play. BlackRock, Deutsche Bank, Citadel ...

Republican Senator Tom Emmer has long been a critic of Gary Gensler and the U.S. Securities Exchange Commission’s cryptocurrency oversight strategy. Minnesota Senator Tom Emmer has slammed United States Securities Exchange Commission (SEC) Chairman Gary Gensler for his flawed “crypto information-gathering efforts” and insisted Gensler should appear before Congress to explain the cost of his “regulatory failures.” Emmer’s comments came from a Dec. 10 tweet to his 67,500 Twitter followers, where he made reference to a bipartisan Blockchain Caucus letter he co-authored to the SEC Chairman on Mar. 16. Emmer said, “we now know Gensler's crypto information-gathering efforts were ineffective” citing the collapses of the Terra ecosystem and bankrupt crypto platforms Celsius, Voyager and FTX. He declined to provide Congress with the information requested in the letter, which would've informed Congress of the apparent inconsistencies in Gensler's approach that caused him to miss Ter...