At a private crypto event held at Princeton University, The chair of the United States Commodity Futures Trading Commission (CFTC), Rostin Behnam made a statement by snubbing Ethereum and preferring Bitcoin as a commodity. As the FTX collapsed, Behnam got an opportunity to argue for appropriate legislation to counter the pitfalls of an unregulated crypto market.
The issue of whether a token is a security or a commodity is in the maze of appropriate legislation.
Behnam indicated that Ethereum is not a commodity. In May, the CFTC Chair Behnam, in an interview with CNBC, said, “he considers both Bitcoin and Ethereum fit to be labeled a commodity. Behnam also said “plenty” of other tokens fit the commodity category”.
Behnam urged authorities to analyze each cryptocurrency token, classifying each one as a commodity or a security. Then the Securities and Exchange Commission (SEC) designates a security designating agency authority and the CFTC for those designated commodities.
