Russ Behnam, Chairman of the US Commodity Futures Trading Commission (CFTC), stated that most cryptocurrencies are commodities and that Changpeng Zhao (CZ) will also be imprisoned.
CFTC Chairman Russ Behnam said: Tuesday, December 12 on CNBC on the day in the statement, He made remarkable statements. Benham: Current laws restore the vast majority of cryptocurrencies It has the status of a commodity, not a security. He emphasized that such investment instruments are the responsibility of the CFTC.
Current laws are insufficient Stating that cryptocurrencies will be permanent, Benham emphasized that the legal uncertainty should be resolved urgently:
I think members of Congress are trying to understand the situation. Existing laws that have been in place for decades fit into this new technology that looks different and ultimately requires a new way of thinking about creating policy and legislation. Under current law, most cryptocurrencies should be classified as commodities.
On the other hand, the president, who wanted this turmoil regarding the cryptocurrency sector to be resolved as soon as possible, criticized the state of uncertainty that the congress members were in. US Securities and Exchange Commission (SEC) and the CFTC has long been engaged in an uphill battle over which agency has jurisdiction over cryptocurrencies. Institutional conflicts also create regulatory uncertainty.
In the past period, the CFTC chairman said that the majority of cryptocurrencies is commodity but he said The SEC side has consistently argued the opposite.
Changpeng Zhao will go to jail!
In the continuation of the CNBC interview, the subject is the former CEO of Binance To Changpeng Zhao (CZ) came. Russ Behnam refers to CZ as “we have the bad guy” and criticizes Binance $4.3 billion sanctions reminded.
Behnam is also currently not allowed to leave the US. CZ will go to jail He suggested:
We’re working with other regulators and we think we have the bad actor on our hands here. We have over $4 billion in fines on the criminal and civil side, and he will go to jail.
US regulators awarded Biinance $4.3 billion and $150 million to CZ He imposed a fine worth But beyond the criminal sanctions, CZ was not allowed to leave the United States after the trial. The possibility of imprisonment for CZ was constantly discussed, but no one from the US side had expressed this clearly before the CFTC president.
Founder of Binance On February 23, 2024 He will wait in the USA until the next hearing, and the judge will decide his final sentence on that date.