While the fluctuation in Bitcoin and altcoins continued, cryptocurrencies were also on the agenda of the US Congress.
Rostin Benham, Joe Biden’s Commodity Futures Trading Commission (CFTC) Presidential nominee, who appeared before the Senate Agriculture Committee today, made statements regarding cryptocurrencies.
Speaking about the cryptocurrency markets on questions from the Chairman of the Committee, the presidential candidate drew attention to the fines imposed on Tether and Bitmex by the CFTC.
Noting that they have limited powers to do more, Benham said: “We have become one of the few cops on this issue due to the limited legal mandate.” said.
Underlining the need to give more authority to the CFTC on cryptocurrencies, Benham said, “This is just the tip of the iceberg, as of yesterday, the total size of the digital asset market was $2.7 trillion. Of that $2.7 trillion, about 60 percent are commodities.” said.
“Are there additional tools to assist the CFTC with digital assets?” Replying to his question, Benham said:
“Absolutely there is. Market transactions currently taking place account for a large portion of the risk posed by digital assets. We need a regulatory structure for both securities and commodities. ”
Rostin Benham, whom Joe Biden nominated for the CFTC, is considered certain to win.