According to Odaily, Democratic Senator Dick Durbin from Illinois stated in a Senate Appropriations Subcommittee hearing on Thursday that the FIT21 bill, passed by the U.S. House of Representatives, would grant the Commodity Futures Trading Commission (CFTC) more power and funds to regulate cryptocurrencies. However, some lawmakers are concerned that the responsibilities the CFTC is taking on far exceed their capabilities.
Durbin questioned CFTC Chairman Rostin Behnam during the hearing, asking what made him believe that the CFTC could step into this rapidly changing, vast world and become an effective regulator. In response, Behnam stated that there are regulatory gaps in the 'non-security commodity tokens' and that the CFTC has done well in taking enforcement actions against cryptocurrency entities.