Gate News bot message, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, stated during an interview with Bloomberg TV on May 28 that the Crypto Assets market will remain unregulated unless the CFTC is granted greater authority.
Behnam sticks to its long-held view that cryptocurrencies are commodities, “If you look at the current law, you’ll see that several of the largest tokens by market capitalization are commodities, which means that the SEC (SEC) has no jurisdiction over these tokens, including Bitcoin and Ethereum.” ”
He added that the SEC is currently unable to properly regulate Crypto Assets because its laws do not permit it to regulate commodities, and the CFTC is also unable to regulate because it is a derivatives regulatory agency.
Behnam believes that if the CFTC does not have new powers to regulate the “digital assets, non-securities cash market,” it will continue to be an unregulated area.
Source: Cointelegraph
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