Former CFTC Chairman Calls for Expanded Regulatory Authority to Manage Cryptocurrency Market

According to Deep Tide TechFlow, on May 29, former CFTC Chairman Rostin Behnam stated that if the CFTC is not granted greater regulatory authority, the cryptocurrency market will remain unregulated. Behnam supports the view that cryptocurrencies are commodities, believing that major tokens like Bitcoin and Ethereum are commodities and that the SEC has no authority to regulate them. Since the SEC cannot regulate commodities, the CFTC can only oversee derivatives. If new powers are not granted to the CFTC, the spot market for digital assets will continue to be unregulated, and investors may face risks of fraud, manipulation, and conflicts of interest.