CFTC Chairman: Many Crypto Tokens Are Considered Commodities Under Existing Laws

The president of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has stated that galore integer assets are considered commodities nether existing law. Behnam urged the U.S. Congress to hasten the process of establishing a regulatory authorities for cryptocurrency. He besides emphasized that helium and Gary Gensler, the U.S. Securities and Exchange Commission chairperson, “get on rather well.”

Gap successful Regulation

Rostin Behnam, the president of the Commodity Futures Trading Commission (CFTC), has stated that galore integer assets oregon tokens are considered commodities nether existing law. However, Behnam lamented the emergence of a spread successful regularisation and urged the U.S. Congress to measurement in.

"It is figuring retired however existing, decades-old law, fits into this caller exertion that seems to beryllium changing and yet needs a caller mode of reasoning astir argumentation and legislating," says @CFTCbehnam connected #crypto. "Under existing law, galore of the tokens represent commodities." pic.twitter.com/F3JPjWq3wG

— Squawk Box (@SquawkCNBC) December 12, 2023

Unsurprisingly, the CFTC chairman’s presumption connected crypto is seemingly astatine likelihood with U.S. Securities and Exchange Commission (SEC) president Gary Gensler, who sees galore altcoins, including XRP and ether (ETH), arsenic securities. Besides insisting that astir integer assets are securities, the SEC nether Gensler’s stewardship is besides accused of deliberately obfuscating crypto regulations.

U.S. Congress Urged to ‘Legitimize the Technology’

Consequently, immoderate U.S. politicians, similar Tom Emmer (R-MN), person called for Gensler’s removal and sought to restrict the SEC’s quality to transportation retired enforcement actions. They person besides called for the speedy enactment of laws to modulate crypto.

When asked astir the constricted question towards establishing a regulatory authorities for integer assets, Behnam, who spoke connected CNBC’s Squawk Box, acknowledged that advancement has been slow. He declared that the U.S. Congress indispensable determination distant from its stance of not wanting to legitimize the technology.

“Congress is gonna person to measurement successful and flooded this feeling of not wanting to legitimize the exertion and seeing this arsenic not thing that is tenable oregon sustainable. I mean it is here, it hasn’t gone away,” Behnam said.

Behnam besides addressed the alleged turf warfare betwixt the SEC and CFTC, stating that helium and Gensler “get on rather well” and stock akin values and interests, peculiarly erstwhile it comes to protecting markets. The CFTC president suggested that some organizations request to find a mode to marque the “decades-old instrumentality acceptable into this caller technology.”

What are your thoughts connected this story? Let america cognize what you deliberation successful the comments conception below.