JAKARTA - Two US regulators, the Futures Commodity Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC), have different opinions regarding whether the number two cryptocurrency Ethereum (ETH) is included in securities or not after ETH switched to the proof-of-stake (PoS) model in its The Merger phase in mid-September.
Previously, The Merger, the SEC, had included Ether in the category of non-security. However, the decision became uncertain because ETH had made a transition from Proof-of-Work to Proof-of-Stake. Therefore, the two regulators have different views regarding the position of crypto number two.
In a discussion panel held at Rutgers University, New York, recently, Head of CFTC Rostin Behnam stated that he and SEC Chair Gary Gensler may disagree with the definition of cryptocurrency, which will determine which agency has more authority over them.
"Ether, I have suggested that it is a commodity, I know Gensler Chair think otherwise - or at least not necessarily state one or another," Behnam said at an event in New York City organized by Rutgers University, reported by CoinCu.
Behnam also pointed out that the Financial Stability Supervisory Board, where the SEC and CFTC are both members, prioritizes systemic stability rather than building jurisdictions when suggesting Congress is giving regulators increased oversight and regulatory authority in the digital asset spot market.
The super regulatory committee, both served by Behnam and Gensler, is not the right body to assemble the mechanism of how we will break it down, according to Behnam, citing Congress as the right body to establish those boundaries.
Furthermore, Behnam expressed his frustration regarding the CFTC which is seen as a regulator that is too friendly. He warned that regulators would not be'softly behaved' if they accepted the insturction to regulate crypto commodities.
"I was very upset when people started talking about the CFTC as a more friendly regulator," Behnam said.
Although Gensler himself expressed support for the role of CFTC which is more active in regulating crypto commodities, last month he also hinted at comments to the press that cryptocurrencies proof-of-stake could potentially be included in the securities category.
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