The Chairman of the US CFTC claims that most cryptocurrencies are commodities

According to IBtimes, Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that under current law, most cryptocurrencies are considered commodities. He also acknowledged that there is an ongoing "territorial battle" between regulatory agencies regarding who has the authority to regulate the cryptocurrency industry.

When discussing the regulatory complexities faced by the cryptocurrency industry, Behnam emphasized the need for urgent legislative action and stated that "Congress members are working hard to understand the situation." Behnam pointed out that one of the challenges in regulating digital assets is the ongoing "territorial battle" between various regulatory agencies in the country, particularly between the U.S. Securities and Exchange Commission (SEC) and CFTC on who should oversee this industry. This conflict has become a major obstacle in establishing clear regulatory guidelines for digital assets and the broader crypto industry.