CFTC Chair Says Stablecoins And Ether Are Commodities

The Commodity Futures Trading Commission aka CFTC has reiterated its position that Ether and stablecoins are commodities in the tug-of-war that is taking place between the regulators in the United States over control of crypto assets.

CFTC Previously Argued That Ether & Stablecoins Were Commodities

The United States CFTC ought to have jurisdiction over Ether and stablecoins as commodities. In its lawsuit against FTX founder Sam Bankman-Fried, the CFTC has argued that Ether and Bitcoin were commodities. In a Senate hearing CFTC chair Rostin Behnam said CFTC would not allow a futures exchange product to be traded on the register if the firm does not have faith that the commodity is a commodity.

Stablecoin Firms 'Facing Tough New Regulation' As SEC Targets Them

The differing views of market regulators can lead to conflict as each competes for regulatory control of the cryptocurrency industry. Regulators are also targeting Terraform Labs and calling algorithmic stablecoin TerraUSD Classic (USTC) a security. Delphi Labs general counsel Gabriel Shapiro said it was a move that could serve as a guide to how the SEC will pursue other lawsuits against issuers in the future. against stable currencies. The SECs crackdown on encryption has met with industry pushback. Circle founder and CEO Jeremy Aller said he doesn't see the SEC as a regulator of stablecoins saying they should be overseen by banking regulators.