Summary
TLDR: As Prometheum prepares to launch its trading operation, CFTC Chairman Behnam warns that conflicting rules across agencies could arise. He believes Bitcoin and ether are commodities, contrary to any claims made by Prometheum. Prometheum’s decision to custody ether as its first asset could impact SEC and CFTC rules, potentially causing non-compliance issues.
Key Points
1. Commodity and Futures Trading Commission Chairman Rostin Behnam expressed concerns about conflicting rules across agencies as Prometheum prepares to launch its trading operation.
2. Behnam clarified that Bitcoin and ether are commodities, contradicting any claims made by Prometheum suggesting otherwise, and emphasized that the decision to custody ether was made independently by the entity.
3. Behnam highlighted the potential impact of the SEC validating ether as a security, noting that it could put exchanges listing ether futures contracts in non-compliance with SEC rules as opposed to CFTC rules.