At a recent Senate hearing, the chairman of the United States Commodity Futures Trading Commission asserted that Ether and Stablecoins should be under the jurisdiction of the United States Commodity Futures Trading Commission.

Senator Kirsten Gillibrand asked CFTC chair Rostin Benham about the differences in views between the regulator and Securities and Exchange Commission after the 2021 settlement by the CFTC with Tether stablecoin issuer. Behnam responded:

“Notwithstanding the regulatory framework surrounding stablecoins they’re going be commodities in my opinion.”

He said, “It was obvious to our enforcement team, and the commission, that Tether (a stablecoin) was a commodity.”

The CFTC asserted in the past that certain digital assets like Ether, Bitcoin ( TTC), and Tether ( UST were commodities — as in its lawsuit versus FTX founder Sam Bankman Fried in mid-December.

When asked what evidence the CFTC would present to gain regulatory influence over Ether, Behnam stated that Ether futures products wouldn’t have been allowed to trade on CFTC exchanges if the agency “didn’t feel strongly that it was a commodities asset.”

“We have litigation risk and agency credibility risk if [we] do something similar without serious legal defenses that support our argument that the asset is a commodity.”

This comment seems to have cemented Behnam’s inconsistent opinion about Ether classification. In November 2013, Behnam stated that Bitcoin was only cryptocurrency which could be considered a commodity. He left out Ether. He also suggested that Ether could be considered a commodity a month earlier.

Related: CFTC continues exploring digital asset policy considerations at MRAC meeting

Behnam’s latest comments are against a view held SEC chair Gary Gensler. He claimed in a February 23 New York Magazine interview, that “everything but Bitcoin” was a security. This claim was rejected by multiple crypto lawyers.

As each seeks regulatory control over the crypto industry, the divergent views of market regulators could lead to conflict.

Mid-Febuary saw the SEC assert its authority against Paxos, stating that it could sue the firm because of violating investor protection laws. The SEC claimed that Paxos’ stablecoin Binance USD ( USD) is an unregistered security.

The regulator also targeted Terraform Labs, and called its algorithmic stabilitycoin TerraUSD Classic UTC (USTC) security. This move, Delphi Labs general counsel Gabriel Shapiro said, could be a “roadmap”, for how the SEC could structure future suits versus other stablecoin issuers.

Industry has reacted strongly to the SEC’s crypto-clampdowns. Circle CEO and founder Jeremy Allaire stated that he does not believe is the regulator of stablecoins, saying that they should be overseen under supervision by a bank regulator.