There is no clear decision on which institution will regulate Bitcoin (BTC) and cryptocurrencies in the USA and which cryptocurrencies are securities and which are commodities.
US regulators SEC and CFTC argue that cryptocurrencies fall under their jurisdiction.
At this point, speaking on CNBC's “Squawk Box” program, CFTC Chairman Rostin Behnam said that most cryptocurrencies are commodities under current laws.
The CFTC chairman also acknowledged that there is a “turf war” among regulators over who will regulate the cryptocurrency industry, saying:
“Under current law, most cryptocurrencies are commodities and there is a disagreement among institutions in the US regarding regulation.
This dispute has become a major obstacle to establishing clear regulatory rules for cryptocurrencies and the broader crypto industry.
“At this point, I think there is an urgent need for legislative action on the regulatory complexities facing the crypto industry.”
The CFTC Chairman was also asked about his thoughts on SEC Chairman Gary Gensler's defense that cryptocurrencies are securities.
Rostin Behnam responded to this question by saying, “We have a positive working relationship with the SEC. In fact, both institutions share the same interest in protecting the US markets, the country's financial ecosystem and consumers.” said.
As you may remember, CFTC chairman Rostin Behnam said in his previous statements that Ethereum (ETH) and stablecoins are commodities, while SEC chairman Gary Gensler said that all cryptocurrencies except Bitcoin are securities.
*This is not investment advice.