CFTC chief says Bitcoin is the only commodity in the wake of FTX collapse

The chief of the United States Commodity Futures Trading Commission (CFTC), Rostin Behnam, claimed Bitcoin is the only crypto asset that can be viewed as a commodity during an invite-only crypto event at Princeton University, Fortune.

Behnam’s comments are quite a contrast to his early statements in October, where he claimed Ether 

The debate over which cryptocurrencies qualify as commodities under the law has been a long-drawn one. Bitcoin is unanimously seen as non-security because of its true decentralized nature, whereas the status of Ether and several other cryptocurrencies have been a controversial topic. Ripple is currently facing a security lawsuit from the SEC as well.

The American financial regulator has found itself in hot waters in the wake of the FTX crypto exchange collapse primarily because of its association with the exchange.

Behnam said the committee has limited oversight powers and blamed the “matrix of regulators” as an imperfect system. However, he called for better collaboration among the long list of regulatory bodies to come up with formidable regulations.