Stablecoins and Ether are ‘going to be commodities,’ reaffirms CFTC chair

Crypto stablecoins and Ether (ETH) will be classed as commodities in the United States, according to CFTC chair, Rostin Behnam, adding at a Mar. 8 Senate hearing the distinction “was clear.”

Highlights

• U.S.
• Commodity Futures Trading Commission chairman Rostin Behnam says stablecoins and Ether should be commodities.
• Behnam: ‘It was clear to our enforcement team and the commission that Tether, a stablecoin, was a commodity’ Behnam said it would not have allowed Ether futures products to be listed on CFTC exchanges if it “did not feel strongly” that the commodity asset is a commodity asset, adding: “We have litigation risk, we have agency credibility risk if we do something like that without serious legal defenses to support our argument” Behnam’s comment has seemingly cemented Behnam’s sometimes wavering opinion on the classification of Ether.

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