The dearth of regulatory clarity within the digital asset industry changed into additional exacerbated on Wednesday after the Chairman of the U.S. Commodities and Futures Trading Commission (CFTC) admitted that there changed into an ongoing “turf battle” with other market regulators.

Speaking to CNBC’s “Teach Box,” CFTC Chair Rostin Behnam acknowledged that below existing regulations, many crypto tokens needs to be labeled as commodities.

“It’s determining how existing, a few years-used legislation, fits into this contemporary abilities that appears changing and within the atomize needs a recent methodology of thinking around protection and legislating,” he acknowledged.

The U.S. Securities and Substitute Commission (SEC) has on the total claimed that every cryptocurrencies, excluding for Bitcoin, are no doubt funding contracts that needs to be regarded as securities that plunge below its regulatory purview.

Earlier this 365 days, SEC Chair Gary Gensler acknowledged that there were no longer much less than ten to twelve thousand tokens that exist this day that needs to be regarded as securities. Under Gensler’s regime, the SEC has brought a series of enforcement actions towards crypto firms alleging that plenty of tokens on provide were no doubt unregistered securities.

While crypto firms hold tried to argue that a regulatory framework for crypto is vital to settle these disputes, Gensler and the SEC hold on the total claimed that existing securities regulations already govern the residence.

Even supposing Behnam acknowledged that he and Gensler “obtain along rather well” and hold a shared ardour in preserving markets, his leer does fluctuate from the SEC Chair on the realm of whether Congress needs to intervene and frame regulations around the residence.

“Indirectly, I’ve acknowledged this for some time, there is a spot in legislation and Congress goes to must step in and in actual fact overcome this sense of no longer desirous to legitimize the abilities in seeing this as no longer one thing that’s tenable or sustainable,” acknowledged Behnam.

“It’s right here, it hasn’t long gone away, and we’re seeing it with the prices of one of the vital crucial bigger money.”