The acting chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, said that it’s the CTFC and not the Securities and Exchange Commission (SEC) that should be overseeing cryptocurrencies in the USA. According to Benham, most of the enforcement cases in the marketplace for digital assets have been pursued by the CFTC. The acting chairman has also requested the Congress for expanding the remit of his agency.
He further stressed on the importance of the expansion of authority for his agency, saying that it makes sense because 60% of the crypto industry consists of commodities. He added that considering the scale, scope, and size of the crypto market, its effects on retail customers and the future risks, it’s important that there’s a regulator that monitors the market and the activities within it.
Behnam has played the role of a Democratic commissioner since 2017 at the CTFC. He believes that a change in the vision of the CTFC may be needed to deal with enforcement cases in the crypto market.
Gary Gensler, the chairman of the SEC, contrary to Behnam, is of the opinion that many crypto assets are securities. Gensler’s definition, if enacted by law, would result in the SEC being the overseers of the crypto market.
The conflicting opinions are sure to stir up quite a debate in the future. For instance, the CTFC regulates Bitcoin as it’s defined as a commodity. However, the definition remains gray for many other cryptocurrencies, especially the ones that have emerged in recent months.