According to Foresight News, former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, recently emphasised the need for expanded regulatory powers for the CFTC to oversee the cryptocurrency market effectively. Behnam expressed concerns that without increased authority, the crypto market would remain largely unregulated.
Behnam supports the longstanding view within the crypto industry that cryptocurrencies should be classified as commodities. He highlighted that under current laws, major tokens such as Bitcoin and Ethereum are considered commodities, and therefore, the U.S. Securities and Exchange Commission (SEC) does not have jurisdiction over these digital assets.
The former CFTC chair's remarks underscore the ongoing debate over the appropriate regulatory framework for cryptocurrencies in the United States. As the crypto market continues to grow, the question of which agency should have oversight remains a critical issue for regulators and industry participants alike.
