Rostin Behnam, acting chairman of the CFTC, says the agency should be the primary regulator of the cryptocurrency market. In statements made on Wednesday, Behnam also emphasized that 60% of the cryptocurrency market is commodities. But the statements contradict the opinion of SEC Chairman Gary Gensler. cryptocoin.com We have compiled the statements of both parties.
More powers are requested because the number of cases is increasing!
The Commodity Futures Trading Commission (CFTC) said there should be a parent agency that directly oversees cryptocurrencies, rather than the Securities and Exchange Commission (SEC). The remarks come from Rostin Behnam, acting chairman of the CFTC, asking Congress to expand the mandate of his agency. Behnam made the following statements on Wednesday:
The CFTC has been responsibly and aggressively pursuing enforcement cases in the crypto market for several years.
CFTC Chairman says 60% of cryptocurrency market is commodities
Behnam states that about 60% of cryptocurrencies are commodities, with a market cap of over $2 trillion:
As of yesterday, the total size of the crypto market was $2.7 trillion. And about 60% of that $2.7 trillion was commodities.
Bitcoin and Ethereum are classified as commodities and have reached around 60% alone, but in an action against Tether, the CFTC seems to classify stablecoins as a commodity. Additionally, Dogecoin is clearly a commodity, or Litecoin, ETC, BCH, Monero and a number of second-tier cryptocurrencies are also considered closer to a commodity, possibly with the same tokens.
CFTC’s powers should be expanded, says Rostin Behnam
The CFTC’s vice president says it’s important to reconsider and reconsider powers for greater oversight and regulation:
I think this is critical given the size, scope and scale of this emerging market, how it impacts and impacts customers, individual customers, and subsequently the scale of growth so rapidly, given the potential future financial stability risks. Having a police officer on the job is critically important, and the CFTC is certainly ready to do so if this committee asks it to.
Rostin Behnam’s views conflict with SEC Chair Gary Gensler
Behnam, who has been a Democratic commissioner at the CFTC since 2017, says regulating cryptocurrencies will be a departure from the agency’s usual mandate, but stresses that the rapidly evolving field may be enough to warrant a change in the agency’s vision.
On the other hand, SEC Chairman Gary Gensler argues that many cryptocurrencies are considered securities, a definition that will place hundreds of new ones in the $1.6 trillion cryptocurrency market under the agency’s jurisdiction. For example, Bitcoin is regulated under the Commodity Exchange Act and is considered a commodity. But there are thousands of other cryptocurrencies in the industry sitting in a regulatory space with many meme tokens sprouting up almost daily.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.