CFTC Chairman Affirms Most Cryptocurrencies Not Securities
CFTC Chairman Rostin Behnam's recent remarks indicate that 70-80% of cryptocurrencies are not considered securities, providing relief to the crypto industry amid ongoing regulatory disputes with the SEC.
Behnam emphasized the need for a balanced approach in classifying tokens as commodities or securities and stressed collaboration between the SEC and CFTC.
Behnam says 70-80% of the crypto market are non-securities.
— Eleanor Terrett (@EleanorTerrett) July 10, 2024
During discussions with Senator Roger Marshall, Behnam advocated for the CFTC to assume full oversight of the crypto market to streamline regulations, despite challenges in defining securities versus commodities.
This contrasts sharply with SEC Chairman Gary Gensler’s stance that most cryptocurrencies, except Bitcoin (BTC), should be classified as securities.
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A recent court ruling in Illinois supported the CFTC’s view by declaring Bitcoin, Ethereum (ETH), and other altcoins as commodities under the Commodity Exchange Act.
Behnam highlighted the CFTC’s active role in the crypto sector, citing 47 actions related to digital commodities in FY 2023, representing a significant portion of the agency’s enforcement efforts.
He underscored the urgent need for a formal regulatory framework and urged Congressional action, echoing concerns from the 2022 Financial Stability Oversight Council report.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
