Rostin Behnam, President of the Commodity Futures Trading Commission (CFTC) of the United States, believes that most cryptocurrencies are commodities, a qualification that places them in the category of goods or commodities Were.
These are very controversial statements. Especially considering the completely different vision expressed so far by Securities and Exchange Commission (SEC) President Gary Gensler, for whom all crypto assets (except Bitcoin) are securities.
Behnam's comments they made themselves noticeable on December 12th through a publication on CNBC in which the President of the CFTC asserts that according to the applicable lawsMany of the tokens traded on the market are commodities.
With these statements, the officer also admits this There is a kind of “turf war” between several United States regulatory authorities, in particular between the SEC and the CFTC. A situation that complicates the prospects for cryptocurrency companies operating in the country.
The SEC in turn used Howey's test to determine whether an investment is a security. By following the parameters of this test, which was derived from a court case debated in 1946, Gensler reiterates that many cryptocurrencies are securities because the public and the companies that support them expect profits.
The CFTC, in turn, is subject to marketing guidelines and takes into account the price of many cryptocurrencies on the organization's exchanges. a mechanism That too Exchanges follow to qualify the cryptocurrencies exchanged on their platforms, including based on decentralization criteria.
Indeed the Commission had already set in 2015 that cryptocurrencies meet the definition of Goods. He remembered that Christopher Giancarlo, then President of the Commission, in a speech he gave to the US Congress.
As CriptoNoticias reports, the CFTC's rating was confirmed in March 2018 by Jack Weinstein, a New York district judge overseeing the litigation between that agency and cryptocurrency operator CabbageTech.
The judge ruled that the CFTC had the authority to award cryptocurrencies the regulatory nature of Were. Judge Weinstein made this decision because, in his opinion, cryptocurrencies fit the description of goods that are used in commerce and are interchangeable with others of the same kind.
Lack of clarity, the obstacle to regulation in the USA
Given the previous positions, it is obvious that the CFTC and the SEC collide with each other when it comes to opposing concepts. This is despite the fact that Behnam assures that both institutions maintain a positive working relationship “focused on protecting America’s markets, the country’s financial ecosystem and consumers.”
Still, there is a conceptual conflict over whether cryptocurrencies are commodities or securities has become one of the main obstacles Establish clear regulatory guidelines for the digital asset industry in the US. Therefore, the CFTC chairman insists on the need for urgent legislative action.
We also need to consider the legal implications of both concepts. If cryptocurrencies are classified as Wereare perceived as exchangeable goods, like gold or oil. Users could expect a more flexible approach to regulation. Compared to traditional securities, transactions could be processed more easily and with fewer administrative restrictions.
If they are classified as Securities (Securities) would be subject to stricter regulations, similar to those for stocks and bonds. This could mean more protection for investors, but also more requirements and restrictions, such as the need to disclose certain information and comply with public offering rules.
The two visions make it clear the dilemmas they face Governments in their efforts to enforce laws to an ecosystem as disruptive as Bitcoin. The differences that exist not only between US authorities, but also between regulators around the world, demonstrate the ambiguity that exists in dealing with these assets.