New York, NY – U.S. Commodity Futures Trading Commission (CFTC) Chairman Heath P. Tarbert clarified the agency’s stance on digital assets, specifically Ether, during an interview at the Yahoo! Finance All Markets Summit on October 10, 2019. Tarbert stated the CFTC views Ether as a commodity under the Commodity Exchange Act, bringing it under the agency’s regulatory jurisdiction.
This declaration extends the CFTC’s existing classification of Bitcoin as a commodity. Tarbert anticipates the development of Ether-related futures contracts and derivatives as a result of this categorization. He emphasized the CFTC’s commitment to ensuring market integrity as these new markets evolve.
Addressing the treatment of “forked” digital assets—new cryptocurrencies created from splits in existing blockchains—Tarbert suggested they would likely be treated similarly to their parent assets, provided they don’t meet the criteria of a security under the Howey Test. This aims to provide regulatory consistency across the digital asset landscape.
Tarbert highlighted the importance of U.S. leadership in fintech innovation, stating his desire for the United States to “lead in this technology” and establish the rules governing it. He stressed the role of the CFTC’s LabCFTC in bridging the gap between traditional commodity market regulation and the rapidly evolving world of digital assets.
The Chairman also announced Melissa Netram as the new director of LabCFTC, noting her background at Intuit as reflective of the agency’s strategy to hire individuals with practical knowledge of these markets. Finally, Tarbert discussed amendments to the Volcker Rule, designed to reduce the regulatory burden on smaller community and regional banks while maintaining the core prohibition against proprietary trading.
Source: CFTC.gov
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