Commodity Futures Trading Commission(CFTC) has shared with Congress its plans to regulate it with full oversight of the crypto market if the proposed Digital Commodities Consumer Protection Act becomes law.
CFTCbesides, he thinks that many digital assets are commodities.
CFTC Steps Up For Regulations
CFTC believes that many digital assets are commodities. Besides, the SEC Chairman Gary GenslerHe also thinks that the vast majority of cryptocurrencies are securities.
Chairman of the Commodity Futures Trading Commission (CFTC) Rostin Behnamdiscussed how his agency might regulate the crypto market in a legislative session before the U.S. Senate Agriculture, Nutrition and Forestry Committee on Thursday.
The purpose of the hearing was to review the Digital Commodities Consumer Protection Act (DCCPA), which aims to strengthen the CFTC with exclusive jurisdiction over the digital commodity spot market. The bipartisan bill was introduced in the US Senate in August by Senators Debbie Stabenow, John Boozman, Cory Booker, and John Thune.
Behnam told lawmakers:
“Many digital assets make up commodities. The CFTC’s expertise and experience makes it the right regulator for the digital asset commodity market.”
He explained that the CFTC is facilitating its protection of investors and users through a principles-based market surveillance and disclosure regime aimed at ensuring transparency, integrity and security of transactions.
