Breaking: CFTC Chair Behnam Claims 70-80% Crypto Are Non-Securities
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In his speech, Behnam said that 70-80% of tokens in the crypto market are not securities. Additionally, the CFTC Chairman said that the US Illinois court confirmed that Bitcoin and Ethereum are commodities under the Commodity Exchange Act. “Illinois court has confirmed that Bitcoin and Ethereum are commodities.”
BTC and ETH Classified as Commodities
Behnam in his testimony noted that the Illinois court had ruled that Bitcoin and Ethereum are commodities that are regulated by the CFTC. This classification is in line with the CFTC’s viewpoint and makes a clear distinction between these top digital assets and other tokens that might be classified as securities.
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“Given the risks that this unregulated market poses to U. S. investors, I have consistently and publicly called for new legislative authority for the CFTC. “
CFTC Chair Calls for Federal Legislation
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According to the CFTC chair, during his time in the digital asset market, he has seen it transform and go through phases of high volatility and many scandals. He also raised concerns over inadequate legislation to safeguard investors against fraud and other risks in the market. Concurrently, he also made an appeal to Congress to quickly pass laws that will enable the CFTC to effectively govern the digital asset market.
Subsequently, he stressed that if such laws are not put in place, the public interest in the digital assets will persist and therefore, pose threats to financial markets and investors. ”The course we are on right now cannot be sustained,” Behnam said, calling on Congress to act at the earliest opportunity to protect the American investors and the overall financial system.
In addition, the CFTC’s chair testimony also discussed some of the issues that the CFTC has encountered in regulating the digital asset market. Consequently, he pointed out that the firm is ready to collaborate with other agencies and all stakeholders to formulate a comprehensive plan on how to regulate the market and protect investors.
note 📢;** This is not an incitement or invitation to buy or sell, just my personal view of the current conditions. All your decisions in trading are your own responsibility**.📢leave your mark if you like this post, click like 👍 follow 🤳. thank you 🤝
