Brief Summary: The debate continues over whether cryptocurrencies and stablecoins should be considered securities or commodities. Rostin Behnam, Chairman of the CFTC, has stated that neither Ethereum nor stablecoins should be considered securities, but commodities, just like Bitcoin. This debate is taking place between the SEC and the CFTC, as both agencies seek to oversee the crypto markets. The SEC would like to take charge of this assignment, trying to convince the US legislature to consider cryptocurrencies as securities, while the CFTC is pushing for them to be considered commodities so it can take over. The new bill being worked on in Congress appears to lean towards giving this task to the CFTC, but the SEC is fighting back. Behnam believes that stablecoin tokens do not qualify as securities, but those financial products that allow them to be locked in exchange for interest should. As for Ethereum, the issue is slightly different, and depends on whether the rewards are generated through validating blocks or by entrusting ETH to an intermediary who promises financial returns.
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