🚀 Breaking News! CFTC Chair Rostin Behnam has declared that 70% of crypto assets are not securities but commodities! This is a significant development for the crypto industry as the CFTC seeks to increase its oversight over digital assets. 🎉
Behnam is pushing for the CFTC to have complete control over the crypto market. The agency has been actively involved in regulating the crypto sector, filing 47 actions in FY 2023. A recent court ruling in Illinois supports the CFTC's view, classifying Bitcoin and Ethereum as commodities. 🏛️
This declaration provides relief to the crypto sector, which has been entangled in regulatory disputes with the SEC for years. The CFTC's push for regulatory control comes as traditional financial institutions are increasingly involved in the crypto sector, raising concerns about the lack of protective regulations for investors.
Behnam has urged Congress to grant the agency more authority over digital assets, stressing the urgent need for a formal regulatory framework for cryptocurrencies. However, tensions have arisen between the CFTC and SEC over the regulation of crypto assets.
What do you think about this development? Do you agree with the CFTC's stance? Let's discuss in the comments! 💬
Remember, while the market may be unpredictable, we remain optimistic about BTC! 🚀