The head of the U.S. commodities regulator, Rostin Behnam, reiterated that the agency should accept regulation of Bitcoin and Ethereum to better protect investors.

Speaking before the U.S. Senate Agriculture, Nutrition, and Forestry Committee, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), reiterated that Bitcoin and Ethereum are recognized as commodities and should be regulated.

He pointed to a recent Illinois court ruling that also made it clear that Bitcoin and Ethereum fall into the category of commodities.

The ruling, part of a $120 million Ponzi scheme case, confirmed the commodity nature of the two cryptocurrencies.

He also said that (OHM) and KlimaDAO (KLIMA) also qualify as commodities.

Additionally, Behnam cited a 2022 report from the Financial Stability Oversight Council that highlighted gaps in spot market regulation of “non-security digital assets” and called on his agency to take on greater oversight responsibilities for digital commodities.

Benham said continued inaction by other U.S. regulators will not “extinguish public interest in digital assets” but will only create greater risks for financial markets and investors.

“Simply put, our current trajectory is unsustainable. Federal legislation is urgently needed to create a pathway for a regulatory framework that protects American investors, and potentially the financial system, from future risks.”

The CFTC chairman outlined five key legislative priorities he believes the agency could introduce to better regulate digital commodities.

These include his agency’s ability to write rules to meet cryptocurrencies’ unique risk profile, a permanent “fee-for-service” funding model, requiring registrants to comply with a “full disclosure regime” about their crypto holdings, and support for the CFTC’s know-your-customer and anti-money laundering prerogatives.

Finally, he urged the commission to consider a “disciplined, balanced framework” for determining whether tokens are considered commodities or securities under existing law and to work toward launching a comprehensive education and outreach program about crypto assets in the United States.

“The SEC and CFTC have a long-standing partnership that helps foster strong regulation of the securities and derivatives markets,” said Benham.

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