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

According to a report by Deep Tide TechFlow, on May 29, former CFTC Chairman Rostin Behnam stated that without granting the CFTC greater regulatory authority, the cryptocurrency market will continue to be unregulated. Behnam supports the view that cryptocurrencies are commodities, asserting that major tokens like Bitcoin and Ethereum are commodities, and 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 digital asset spot market will remain unregulated, and investors may face risks of fraud, manipulation, and conflicts of interest.