The US Commodity Futures Trading Commission (CFTC) reiterated its position that stablecoins and ether are commodities and should be regulated by the agency. When suing the founder of FTX, Sam Bankman-Fried, in December, the CFTC claimed that certain digital assets, including Ether, Bitcoin, and Tether, are commodities. Behnam’s remarks have solidified his position on Ether’s classification and refute Gary Gensler’s assertion that “everything other than Bitcoin” is a security. As each competes for regulatory control of the cryptocurrency industry, the divergent perspectives of the market regulators could pave the way for conflict. Jeremy Allaire, the founder and CEO of Circle, has criticized the SEC’s crypto crackdowns and thinks stablecoins should be regulated by a different agency. News Sorce

On March 8, as markets reacted to U.S. Fed Chair Jerome Powell’s testimony, Bitcoin fell under the $22,000 mark. In response to the news, Ethereum fell as well. Earlier in the day, ETH briefly broke out of a crucial area of support at $1,550. Bulls in ETH will probably try to buy more of this week’s price decline. News Sorce