CFTC & SEC Clash Over Prometheum's Ethereum Custody Plans
The chairman of the Commodity Futures Trading Commission (CFTC) has disagreed with the Securities and Exchange Commission (SEC) over Prometheum's plans to offer Ethereum custody services. He warned that allowing a registered firm to custody Ethereum could create conflict within US financial market regulations. While the CFTC considers both Bitcoin and Ethereum to be commodities, the SEC has not clarified whether Ethereum should be considered a security or a commodity. The CFTC chairman urged Congress to intervene to address the regulatory challenges posed by the evolving crypto market.
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