in the USA cryptocurrencies The question of whether it is a security or a commodity is not yet clear, and it remains unclear which institution will regulate and supervise cryptocurrencies.
In this respect US Commodity Futures Trading Commission (CFTC) and Securities and Exchange Cond (SEC) There is a race between them.
However, research crypto- shows that the CFTC has the upper hand in the race to regulate and control currencies.
In this context, advocating for cryptocurrencies to be under the control of the CFTC. Rostin Behnam, chairman of the CFTCspoke today before the Senate Agriculture Committee.
In line with the bill submitted by the Senate Agriculture Committee last July, the CFTC crypto- stated that it has instructed to begin preparing to become the major regulator for the majority of the market.
Praising the bill, which allows the CFTC to act quickly to establish control and oversight over cryptocurrencies, Behnam said in his speech:
“Given the impact of high volatility in the cryptocurrency market on retail investors, volatility highlights the urgent need of the market and investors for regulatory clarity and market protections.”
As will be remembered, the Senate Agriculture Committee in July Bitcoin (BTC) and introduced a bill that the CFTC should regulate cryptocurrencies.
This bill is designed for the two largest cryptocurrencies. bitcoin and Ethereum (ETH) qualifying them as digital commodities, giving the CFTC the authority to provide direct oversight of these assets.
However, the SEC of cryptocurrency He argues that it is a security rather than a commodity, and as a result should be registered with the SEC.
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