{"id":341499,"date":"2024-07-10T22:14:36","date_gmt":"2024-07-10T16:44:36","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=341499"},"modified":"2024-07-10T22:14:36","modified_gmt":"2024-07-10T16:44:36","slug":"cftc-chair-claims-70-80-of-crypto-are-non-securities-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/cftc-chair-claims-70-80-of-crypto-are-non-securities-crypto-news\/","title":{"rendered":"CFTC Chair Claims 70-80% of Crypto Are Non-Securities – Crypto News"},"content":{"rendered":"

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Rostin Behnam, the Chairman of the CFTC has recently appeared before the Senate Agriculture Committee to discuss the classification of digital assets in the cryptocurrency market. Behnam mentioned that the U.S. Illinois court had recognized Bitcoin (BTC) and Ethereum (ETH) as commodities under the Commodity Exchange Act.<\/span><\/p>\n

Furthermore, he pointed out that 70-80% of tokens in the crypto market are not securities, which is the opposite of what SEC Chairman Gary Gensler<\/a> has stated about most cryptocurrencies being securities.<\/span><\/p>\n

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BTC and ETH Classified as Commodities<\/h2>\n

Behnam<\/a> in his testimony noted that the Illinois court had ruled that Bitcoin and Ethereum are commodities that are regulated by the CFTC<\/a>. This classification is in line with the CFTC\u2019s viewpoint and makes a clear distinction between these top digital assets and other tokens that might be classified as securities.<\/span><\/p>\n

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According to Fox reporter Eleanor Terrett, Behnam, chairman of the Commodity Futures Trading Commission (CFTC), said that the Illinois court confirmed that BTC and ETH are classified as digital commodities. He also pointed out that 70-80% of assets in the crypto market are\u2026<\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) July 10, 2024<\/a><\/p>\n

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This court affirmation enhances the CFTC\u2019s jurisdiction over BTC and ETH since the two are considered commodities and there is a clear guideline on how they will be regulated.<\/span><\/p>\n

According to Behnam, \u201cThe Illinois court has established that Bitcoin and Ethereum are commodities,\u201d stressing on the legal recognition of this status. This confirmation is crucial for legal certainty, particularly in light of the ongoing discussion about the legal classification of various digital assets in the market.\u00a0<\/span><\/p>\n

70-80% of Crypto Are Non-Securities<\/h2>\n

Addressing the broader digital asset market, Behnam asserted that 70-80% of tokens are non-securities. This statement challenges SEC Chairman Gary Gensler\u2019s previous assertion that most cryptocurrencies are securities. Behnam\u2019s position underscores a significant regulatory divergence between the two agencies responsible for overseeing the financial markets.<\/span><\/p>\n

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While giving his testimony, Behnam pointed out that new legal mandates are required for the CFTC to enforce its control over non-security tokens and to offer adequate protection to the investors. <\/span><\/p>\n

He pointed out that there are regulatory gaps for these assets that make up the majority of the market capitalization. Behnam said, <\/span><\/p>\n

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\u201cGiven the risks that this unregulated market poses to U. S. investors, I have consistently and publicly called for new legislative authority for the CFTC. \u201c<\/span><\/p>\n<\/blockquote>\n

CFTC Chair Calls for Federal Legislation<\/h2>\n

According to the CFTC chair<\/a>, 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.<\/span><\/p>\n

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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. \u201dThe course we are on right now cannot be sustained,\u201d Behnam said, calling on Congress<\/a> to act at the earliest opportunity to protect the American investors and the overall financial system.<\/p>\n

In addition, the CFTC\u2019s 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.<\/p>\n

Read Also:<\/strong> Anthony Pompliano Debunks Bitcoin Rally Hopes Tied To Trump\u2019s Win<\/a><\/p>\n

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Rostin Behnam, the Chairman of the CFTC has recently appeared before the Senate Agriculture Committee to discuss the classification of digital assets in the cryptocurrency market. Behnam mentioned that the U.S. Illinois court had recognized Bitcoin (BTC) and Ethereum (ETH) as commodities under the Commodity Exchange Act. Furthermore, he pointed out that 70-80% of tokens […]<\/p>\n","protected":false},"author":2,"featured_media":166979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-341499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/341499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=341499"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/341499\/revisions"}],"predecessor-version":[{"id":341504,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/341499\/revisions\/341504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/166979"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=341499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=341499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=341499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}