Gap in Regulation
The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has emphasized that many digital assets are considered commodities under current law. However, he expressed concern over a regulatory gap and called on the U.S. Congress to address the issue.
Conflict with SEC
Gensler, the chairperson of the U.S. Securities and Exchange Commission (SEC), holds a different view from Behnam. He considers several altcoins, including XRP and ETH, as securities. The SEC under Gensler has been criticized for creating confusion around crypto regulations.
U.S. Congress Urged to Act
Some U.S. politicians, including Tom Emmer, have advocated for Gensler’s removal and for regulations to be enacted swiftly. Behnam agreed that progress in establishing a regulatory framework for digital assets has been slow. He urged Congress to move past its reluctance to legitimize cryptocurrencies.
CFTC and SEC Collaboration
Behnam reiterated that he and Gensler have a good working relationship and share common interests in protecting markets. He emphasized the need for the CFTC and SEC to find ways to adapt existing laws to the new technology.
Hot Take: Urgent Need for Cryptocurrency Regulation
The chairman of the CFTC, Rostin Behnam, has called on the U.S. Congress to accelerate the establishment of a regulatory framework for cryptocurrencies. Behnam highlighted the gap in current regulations and emphasized that many digital assets are considered commodities. He also acknowledged the differing views between the CFTC and the SEC, led by Gary Gensler, regarding the classification of altcoins. Urging Congress to overcome its hesitation, Behnam emphasized the need to legitimize and regulate the cryptocurrency industry. Collaboration between the CFTC and SEC is essential to adapt existing laws to accommodate the rapidly evolving crypto space.
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