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CFTC vice president Rostin Behnam says the agency should be the primary regulator of the cryptocurrency market. In statements made on Wednesday, Behnam also emphasized that 60% of the cryptocurrency market is commodities. But the statements conflict with the opinion of SEC Chairman Gary Gensler. Cryptocoin. com we have compiled the statements of the two parties.

More authorization is requested because the number of cases is increasing!

The Commodity Futures Trading Commission (CFTC) said there should be a parent agency that directly devolves cryptocurrencies, rather than the Securities and Exchange Commission (SEC). The remarks come from Rostin Behnam, acting chairman of the CFTC, and request Congress to expand the mandate of his agency. Behnam made the following statements on Wednesday:

The CFTC has been responsibly and aggressively pursuing enforcement cases in the crypto market for several years.

CFTC Chairman says 60% of cryptocurrency market is commodities

Behnam states that about 60% of cryptocurrencies are commodities, with a market cap of over $2 trillion:

As of yesterday, the total size of the crypto market was $2.7 trillion. And about 60% of that $2.7 trillion was commodities.

Bitcoin and Ethereum are classified as commodities and have reached around 60% on their own, but in an action against Tether, the CFTC seems to classify stablecoins as a commodity. Additionally, Dogecoin is clearly a commodity, or Litecoin, ETC, BCH, Monero and a number of second-tier cryptocurrencies are also considered closer to a commodity, possibly with the same tokens.

According to Rostin Behnam, the powers of the CFTC should be expanded

The CFTC’s vice president says it’s important to reconsider and reconsider mandates for greater oversight and regulation:

I think this is critical given the size, scope and scale of this emerging market, how it impacts and impacts customers, individual customers, and subsequently the scale of growth so rapidly, given the potential future financial stability risks. Having a police officer on the job is critically important, and the CFTC is certainly ready to do so if this committee asks it to.

Rostin Behnam’s views conflict with SEC Chair Gary Gensler

Behnam, who has been a Democratic commissioner at the CFTC since 2017, says regulating cryptocurrencies will be a departure from the agency’s usual mandate, but stresses that the rapidly evolving field may be enough to warrant a change in the agency’s vision.

On the other hand, SEC Chairman Gary Gensler argues that many cryptocurrencies are considered securities, a definition that will place hundreds of new ones in the $1.6 trillion cryptocurrency market under the agency’s jurisdiction. For example, Bitcoin is regulated under the Commodity Exchange Act and is considered a commodity. But there are thousands of other cryptocurrencies in the industry sitting in a regulatory space with many meme tokens sprouting up almost daily.


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