Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), has again argued that his agency should be given regulatory oversight of bitcoin and ethereum.
Rostin Behnam wants to oversee BTC and ETH
The Commodity Futures Trading Commission is a body that regulates the commodities market in the United States. Its current chairman, Rostin Behnam, appeared on July 9 at the US Senate Committee on Agriculture, Food and Forestry. He came up on the topic of a recent court ruling in Illinois. It ruled that bitcoin and ether are commodities.
What was it about? The case concerned a financial pyramid scheme, behind which stood a citizen of Oregon. He built a structure worth $120 million. In the decision, a judge of the district court of Illinois stated that both mentioned assets – bitcoin and ether – should be classified as commodities.
In its decision, the court reaffirmed that both Bitcoin and Ether are commodities within the meaning of the Commodity Exchange Act.
– Behnam pointed out in the Senate.
He also cited a 2022 report by the Financial Stability Oversight Council, which identified a gap in market regulation for “non-securities digital assets.”
He then began criticizing the US authorities. In his opinion, the inaction of other regulatory bodies on the issue of cryptocurrencies only increases the risk and makes life more difficult for investors.
Federal legislation is urgently needed to create a path for a regulatory framework that will protect American investors and perhaps the financial system from future risks.
– he stated.
SEC-CFTC cooperation
He also pointed to the Securities and Exchange Commission’s (SEC) “long-standing partnership” with the CFTC, which should facilitate “robust regulation of the securities and derivatives markets.”
I am confident that both agencies will continue to work closely together to ensure a reliable, fair and efficient system for listing and trading digital assets on regulated exchanges.
– added.
While it sounds diplomatic, Behnam is trying to gain control over the bitcoin and ether markets, which he considers commodities. The SEC has helped him in this respect, in a way. When it approved applications for the creation of BTC and ETH ETFs, it considered both cryptocurrencies to be commodities.
