The chairman of the Commodities Futures Trading Commission (CFTC) has claimed that most cryptocurrencies are commodities and has admitted that a ‘turf war’ is going on with the SEC over who gets to regulate crypto.
CFTC Chair: Most Cryptos are Commodities
In a recent appearance on CNBC’s „Squawk Box,” CFTC Chair Rostin Behnam asserted that, according to existing laws, a substantial number of cryptocurrencies are classified as commodities.
While providing some regulatory clarity, this statement also sheds light on an ongoing „turf war” between regulatory bodies vying for control over the crypto space.
Behnam claimed that most tokens can be constituted as commodities under existing laws, acknowledging the need to reconcile decades-old regulations with the evolving landscape of cryptocurrency.
CFTC’s Jurisdictional Hook
The CFTC has historically classified all crypto, including Ethereum and others, as commodities. Notably, this classification was evident in the CFTC’s lawsuit ag
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