CFTC Chairman Rostin Behnam: Most cryptocurrencies are not securities! Court rules BTC, ETH are commodities

This site (120bTC.coM): In his testimony, Rostin Behnam, Chairman of the U.S. Futures Trading Commission (CFTC), called on Congress to take immediate action (legislation) on digital assets, and reiterated that Ethereum and most cryptocurrencies are commodities. .

CFTC Chairman: The court ruled that BTC and ETH are commodities

According to FOX reporter Eleanor Terrett's tweet, CFTC Chairman Rostin Behnam said at the digital asset industry hearing held on the 10th that the Illinois court has confirmed that BTC and ETH are "commodities" Digital commodities under the Exchange Act.

He also emphasized that up to 70–80% of cryptocurrencies are not securities.

Eleanor Terrett Tweets

Congress has failed to enact regulations

Rostin Behnam said in testimony that Congress’s failure to enact regulations for cryptocurrencies harms investors and puts the United States at a competitive disadvantage Disadvantageous position.

He said: I think the most important thing is to let the CFTC fill regulatory loopholes. Congress must act quickly so that regulatory agencies like the CFTC can provide user protection measures at the core of the U.S. financial market.

CFTC, SEC regulatory civil war

Rostin Behnam believes that legislation should be enacted to let the CFTC and SEC determine what digital commodities and securities are. However, senior Republican congressman John Boozman countered: The CFTC should not exceed the jurisdiction of the CFTC and interfere with other regulatory agencies that are not within its jurisdiction, such as the SEC, Treasury and Federal Reserve.

Senator Cory Booker also mentioned: We have let the SEC and CFTC do our work, and the market is still rife with abuse. Nearly half of the CFTC’s enforcement records relate to cryptocurrencies.

Rostin Behnam explained that the CFTC must regulate a multi-trillion-dollar market that has no jurisdiction and no budget. This is indeed a shocking figure and puts both the securities and commodity markets at risk. At the same time, he reiterated the purpose of the legislation. Urgency.

Rostin Behnam emphasized: Wouldn’t it be simpler if we handed everything over to the jurisdiction of the Periodic Exchange? I speak for myself, but I'm happy to do it and I think we have the expertise and capability.

CFTC Chairman: Centralized operators are the focus of supervision

Rostin Behnam finally mentioned that the current priority should be to supervise centralized exchanges, not DeFi.

I firmly believe that DeFi has reached the regulatory end of the spectrum, but given its unique nature, perhaps we have to take a unique look.

The U.S. House of Representatives has made far more progress in cryptocurrency legislation than the Senate. It has passed a broad market structure bill and received strong support from both parties. However, as the November presidential election approaches, Congress will not be able to do so during this session. Time is running out to deal with complex regulatory legislation.

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