- CFTC Chairman Rostin Behnam says most cryptocurrencies, 70-80%, are securities.
- Behnam appeared earlier than a US Senate Agriculture, Meals and Forestry Committee listening to on oversight of digital commodities on Wednesday.
Rostin Behnam, chairman of the Commodities Futures Buying and selling Fee (CFTC), has reiterated his perception that the CFTC is healthier positioned as a cryptocurrency oversight company.
The CFTC chairman made the remarks in testimony throughout a U.S. Senate Agriculture, Meals and Forestry Committee listening to Wednesday on oversight of digital commodities.
Behnam informed lawmakers about latest courtroom choices in Illinois that declared Bitcoin (BTC) and Ethereum (ETH) commodities.
“Simply final week, the U.S. District Court docket for the Northern District of Illinois granted abstract judgment in favor of the CFTC in a case involving a rip-off by an unregistered entity that promised regular returns in digital asset commodities like bitcoin and ether. In its resolution, the courtroom reaffirmed that each bitcoin and ether are commodities underneath the Commodity Trade Act,” he mentioned in testimony.
In the identical manner, the CFTC chairman famous that almost all of cryptocurrencies available in the market usually are not securities, with the proportion relevant to it being round 70-80%.
Behnam additionally mentioned the Fee's regulatory efforts, significantly in bringing enforcement actions towards people and entities that violate commodity legal guidelines, together with the digital commodity market.
The CFTC has filed greater than 135 instances associated to digital commodities over the previous few years, with lawsuits leading to billions of {dollars} in fines and restitution.
Whereas the CFTC continues to work with legislation enforcement, digital asset fraud and different violations proceed to escalate, largely to the “accelerated and sustained adoption of digital property by U.S. traders.”
