CFTC Chair Warns of Potential Conflict with SEC over Prometheum’s ETH Strategy

Understanding the Evolution of Web 3.0 and How to Learn and Build for It

The Securities and Exchange Commission (SEC) is facing a potential conflict with its financial market rules as it considers allowing registered firms to custody Ethereum (ETH), effectively classifying it as a security. This comes after the Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam testified before the House Committee on Agriculture, stating that both Bitcoin and Ether are commodities.

In a hearing on March 6, Behnam expressed concerns over a recent decision by SEC-licensed special purpose broker-dealer (SPBD) Prometheum to offer ETH custody services. He emphasized that this decision was made independently and without the involvement of the CFTC.

If you’re looking to learn more about web 3.0, the latest iteration of the internet, it’s important to understand its evolution from web 1.0 and 2.0. One way to do this is by following industry experts like Gary Vaynerchuk (Gary Vee) who often discuss the topic. Additionally, investing in web 3.0 and building websites for it requires a different approach compared to web 2.0. It’s crucial to educate yourself on these differences and how they can impact your strategies.

The Evolution of Web 3.0 and How to Learn About It

During his testimony, Behnam expressed doubt about the alignment of the SEC’s decision with their view of Ether. He emphasized the critical nature of the SEC’s response to Prometheum’s decision, stating that it could have significant implications.

He also highlighted the potential consequences for SEC-registered SPBDs, as they are only permitted to hold securities. However, SEC Chair Gary Gensler has not explicitly classified ETH as a security or commodity.

Behnam stressed the importance of upholding market integrity and acknowledged that the determination of Ether as a commodity has been in place for years and has been effective in regulating the markets.

Overall, the evolution from web 1.0 to 3.0 has brought about significant changes, and it is essential to understand how to learn about and build websites using the latest web 3.0 technologies. This includes investing in web 3.0 and understanding the differences between web 2.0 and 3.0.

The Evolution of Web 3.0 and the Need for Legislative Action

The rapid evolution of technology and the internet has led to the emergence of Web 3.0, a new era of the World Wide Web. As we continue to push the boundaries of what is possible, it is important to understand the key differences between Web 2.0 and Web 3.0 and how to navigate this new landscape.

Learning about Web 3.0 is crucial for businesses and individuals looking to stay ahead of the curve. With the guidance of experts like Gary Vaynerchuk, we can gain a better understanding of this emerging technology and its potential impact on our lives.

But as the market for digital assets grows and evolves, it is clear that our current regulatory framework is not equipped to handle it. The lack of legislation addressing the regulatory gap over the digital commodity asset spot market has created challenges for the Commodity Futures Trading Commission (CFTC) and hindered their ability to effectively regulate this new market.

In his remarks, CFTC Commissioner Rostin Behnam highlighted the need for Congress to take action and address these regulatory gaps. As the public’s enthusiasm for digital assets continues to grow, it is imperative that we have a clear and comprehensive regulatory framework in place to protect consumers and promote responsible investment in Web 3.0.