CFTC Chairman: 70-80% of Cryptos Are Non-securities

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CFTC chairman Rostin Behnam has called for increased funding and regulatory authority to oversee cryptocurrency spot markets as lawmakers move closer to comprehensive legislation.

Speaking before the Senate Agriculture Committee hearing on Digital Commodities oversight, Behnam stated that his agency is well-positioned to serve as the primary crypto watchdog. 

Citing an Illinois court verdict that classified Bitcoin (BTC) and Ethereum (ETH) as digital commodities, Behnam said the CFTC has the “expertise and capacity” to lead a regulatory regime. Behman told attendees that the commission requires additional tools and resources to achieve this. 

“We’ve heard again and again that the CFTC and SEC lack resources and tools they need to conduct oversight in this huge market,” Senator Cory Booker remarked as he urged clarifying U.S. crypto policies and equipping the CFTC with additional powers.

Increasing efforts for a regulatory framework

Policymakers are intensifying efforts to create a cryptocurrency regulatory framework amid a turf war between the CFTC and the Securities and Exchange Commission (SEC) over which agency should police the nascent industry. 

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