Bitcoin and ether are commodities, Behnam said, but if the SEC claims otherwise, things could get complicated. by Casey Wagner /. March 6, 2024 01:30 pm. Mark Van Scyoc/Shutterstock modified by Blockworks. As Prometheum, the first and only company to secure a special purpose broker dealer license from the US Securities and Exchange Commission, gears up to launch its trading operation, Commodity and Futures Trading Commission Chairman Rostin Behnam said rules across agencies could become conflicting.. Bitcoin and ether are commodities, Behnam told the House Committee on Agriculture during testimony Wednesday. He believes that any claim that Prometheum may be making to the contrary is not reflective of the SEC’s stance.. “From my understanding, essentially reading the press and talking to my staff, who have reached out to the SEC, this was an independent decision by Prometheum…to signal to the market that it is their intent to custody either,” Behnam said when asked about how the CFTC views ether.. Read more: Prometheum adds Morgan Stanley alum as CFO ahead of trading launch. “So it is my understanding that this was not at all a decision by the SEC, this was an individual decision by the entity,” Behnam added.. Behnam was referring to Prometheum’s recent announcement that it would launch its custody service with ether as its first asset. The announcement raised eyebrows across the crypto industry as onlookers speculated whether the news might force the SEC to take a more direct position on ether’s status as a security or commodity.. “How this plays obviously is very critical…the issue is if we do have any action by the SEC, essentially validating [Prometheum’s] decision constituting ether as a security it will then put our registrants or exchanges who list either as a futures contract sort of in non-compliance of SEC rules as opposed to CFTC rules,” Behnam added.. Read more: SEC Commissioners question ‘ambiguity’ in ShapeShift settlement. Behnam’s comments were in response to a question from Agriculture Committee Chairman Glenn Thompson — a known supporter of the crypto industry — about how ether being classified as a security could impact the CFTC’s jurisdiction. The CFTC allows registered commodity derivatives exchanges to list either derivatives contracts.. Don’t miss the next big story – join our free daily newsletter.. Tags. CFTC. ETH. SEC. Securities. Newsletter. Blockworks Daily. Upcoming Events. Digital Asset Summit 2024. Hilton Metropole | 225 Edgware Rd, London. Mon – Wed, March 18 – 20, 2024. Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.. buy ticketslearn more. Day 0x. HYATT REGENCY SALT LAKE CITY. TUES, OCT. 8, 2024. Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, . . learn more. Permissionless III. Salt Lake City, UT. WED – FRI, OCTOBER 9 – 11, 2024. Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains . . learn more. recent research. Research. Wormhole is a suite of open-source, permissionless protocols used to move assets and queries across blockchains. Despite being a common misconception, Wormhole is not just a token bridge. Nevertheless, protocols can build token bridges on top of Wormhole by leveraging the cross-chain messaging provided.. by Boccaccio. more from news. Select a tab. Bitcoin has given crypto free rein to run wild, even if its run has stalled. by David Canellis /. March 6, 2024. Fidelity’s bold move to include a BTC ETF in their conservative portfolio marks a significant shift in how Wall street can approach digital assets. by Martin Leinweber /. March 6, 2024. A source close to Grayscale told Blockworks that the fund was seeded with Grayscale capital on Oct. 2, 2023. by Katherine Ross /. March 5, 2024. The 10-fund segment saw trade volumes amounting to roughly $9.5 billion on Tuesday — beating the record set on Feb. 28. by Ben Strack /. March 5, 2024. EigenLayer’s TVL has reached $11.24 billion, per DeFiLlama. by Bessie Liu /. March 5, 2024. Even with the correction, bitcoin has managed to stay above $60,000, a resistance level analysts say shows interest remains high. by Casey Wagner /. March 5, 2024