Two U.S. financial regulators are at odds on whether to classify some cryptocurrencies as commodities or securities.

According to Commissioner Caroline Pham, a recent “aggressive” enforcement effort against cryptocurrency may cause the United States Commodity Futures Trading Commission (CFTC) to clash with the Securities and Exchange Commission.

In a statement released on March 29, Pham claimed that the CFTC had exercised jurisdiction over specific securities in its enforcement action against the cryptocurrency exchange KuCoin. On March 26, in addition to criminal allegations from the US Justice Department, the commission charged the company “with multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations.”

Pham stated, “The CFTC’s approach may disrupt the foundations of securities markets by infringing upon the authority of the SEC and undermining decades of robust investor protection laws by conflating a financial instrument with a financial activity.” “Trading derivatives is not the same as owning shares.”

Pham’s remarks mirrored those expressed by other U.S. politicians and authorities regarding the CFTC and SEC’s oversight of cryptocurrencies and their classification as securities or commodities. Regulators’ representatives have been at odds over Ether (ETH) $3,512 since Prometheum, a cryptocurrency startup, stated that it will provide custody services as a security.

Ether was implied to be a commodity in the CFTC’s KuCoin complaint. Legal experts pointed out that the commission’s judgment on multiple pending applications for spot Ether exchange-traded funds could be affected if the SEC decides to classify ETH as a security.