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    Rajesh AK in Crypto News

    07 Mar 11:30 AM


    CFTC chair warns of conflict with SEC over Prometheum’s ETH play

    SEC-registered broker Prometheum could force the agency to decide if Ether is a security and CFTC chair Rostin Behnam says that could lead to conflicting rules.A potential decision by the Securities and Exchange Commission to allow one of its registered firms to custody Ether would effectively class it as a security and put United States financial market rules in direct conflict,the head of the commodities regulator has warned.

    “Both Bitcoin and Ether are commodities,”Commodity Futures Trading Commission chairman Rostin Behnam testified in a March 6 hearing before the House Committee on Agriculture.Behnam was speaking about a decision last month by SEC special purpose broker-dealer(SPBD)licensed Prometheum to provide ETH custody services.

    “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,Behnam responded to a question about his views on the firm’s plans.