CFTC chair says most cryptocurrencies are commodities under current laws

Commodities Futures Trading Commission (CFTC) Chairman Rostin Behnam believes that astir cryptocurrencies are commodities nether existing laws, which request to beryllium updated to relationship for technological advances.

Behnam made the connection during an interview connected CNBC’s Squawk Box connected Dec. 12. The CFTC seat said determination is an urgent request for much broad regulatory frameworks arsenic crypto is present to stay.

Behnam’s comments travel amid increasing concerns astir the deficiency of precise regularisation successful the integer plus space. He stressed that portion cryptocurrencies person established a imperishable beingness successful the market, regulatory bodies and Congress indispensable enactment unneurotic to adjacent existing gaps successful legislation.

Turf War

According to Behnam, 1 of the captious challenges successful regulating integer assets is the ongoing “turf war” betwixt assorted regulatory bodies — chiefly the SEC and the CFTC- implicit who gets to modulate the burgeoning sector. This struggle has hindered advancement successful establishing wide guidelines for the governance of integer currencies.

Benham said that Congress needs to measurement successful and play a decisive relation successful legitimizing and integrating cryptocurrency exertion into the existing fiscal system.

Behnam emphasized that the existent regulatory model is insufficient for integer assets’ caller and evolving nature. He called connected Congress to code this gap, noting the value of adapting decades-old laws to acceptable caller technological advancements.

Behnam’s telephone to enactment reflects a increasing statement among regulators astir the request for updated laws that tin efficaciously govern the burgeoning cryptocurrency market.

Main concerns

A important interest for Behnam is the usage of cryptocurrencies successful amerciable activities, including violent financing. He pointed retired that Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are important successful combating these issues.

Behnam besides touched connected the circumstantial challenges posed by stablecoins and the wide operation of the cryptocurrency market. He indicated that portion determination is sizeable absorption connected AML and KYC regulations, adjacent attraction indispensable beryllium fixed to the stableness and integrity of the market.

This includes ensuring lawsuit extortion and preventing marketplace manipulation.

Behnam’s remarks shed airy connected the complexities of regulating the dynamic and rapidly evolving cryptocurrency market. His telephone for much explicit regularisation and Congressional enactment underscores the pressing request for a coordinated attack to govern this caller fiscal frontier.

The station CFTC seat says astir cryptocurrencies are commodities nether existent laws appeared archetypal connected CryptoSlate.