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The chairman of the Commodity Futures Trading Commission (CFTC) says his agency and the Securities and Exchange Commission (SEC) \u201chave to rely on 70-year-old case law to determine what\u2019s a security or a commodity.\u201d He stressed that the SEC and CFTC are working together to regulate the crypto space, noting that \u201cIt\u2019s not a turf war.\u201d <\/strong><\/p>\n Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam talked about cryptocurrency regulation in an interview with CNBC last week.<\/p>\n Responding to a question about whether the CFTC gets along with the Securities and Exchange Commission (SEC) and whether the two agencies share resources to regulate the crypto sector, he affirmed:<\/p>\n We do get along. We can share, we have shared, and we will share.<\/p>\n<\/blockquote>\n \u201cFor the CFTC, the difficulty is we are a derivatives regulator. We don\u2019t oversee the cash markets. So, the authority that I\u2019ve been asking Congress for is cash authorities, so that we can go in the bitcoin cash market, the ether cash market, and the other digital commodity token [markets],\u201d the CFTC chief explained.<\/p>\n Commenting on SEC Chairman Gary Gensler stating that the majority of crypto tokens out there are securities<\/a>, Behnam stated: \u201cWell, we\u2019re gonna have to figure that out legislatively because it\u2019s a new asset class. There are different components and characteristics of this asset class as opposed to traditional asset classes.\u201d The CFTC boss described:<\/p>\n We have to rely on 70-year-old case-law to determine what\u2019s a security, what\u2019s a commodity.<\/p>\n<\/blockquote>\n \u201cWe have one court case in New York that says bitcoin is a commodity \u2026 We\u2019re trying to find a reasonable outcome that will create certainty for the market,\u201d he concluded.<\/p>\n Behnam also stressed that \u201cit\u2019s not a turf war\u201d between the two regulatory agencies.<\/p>\n SEC Chairman Gensler also previously said that the two regulators are working together to regulate the crypto sector. While Gensler admitted that bitcoin is a commodity<\/a>, he said last month that \u201cOf the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities<\/a>.\u201d<\/p>\n Last month, the SEC announced that it is setting up a dedicated office<\/a> to review crypto filings. Gensler also said that he has asked SEC staff to fine-tune crypto compliance<\/a>.<\/p>\nCFTC Chairman on Crypto Regulation, Working With SEC<\/h2>\n
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