CFTC Chairman: If Congress Does Not Pass Relevant Legislation, CFTC Will Regulate Stablecoins As Commodities

According to The Block, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that if Congress does not pass a comprehensive digital asset regulation law, fiat currency-based stablecoins will be considered commodities, "We must not explicitly instruct them in Congress." It is not a coincidence that ETH futures are listed on the CFTC market, we conducted an analysis and concluded that ETH is a commodity.”