While FED President Jerome Powell spoke at the US House of Representatives Finance Committee, CFTC Chairman Rostin Behnam spoke at the Senate Agriculture Committee.
In his speech, Behnam said that 70-80% of tokens in the crypto market are not securities.
Additionally, the CFTC Chairman said that the US Illinois court confirmed that Bitcoin and Ethereum are commodities under the Commodity Exchange Act.
“Illinois court has confirmed that Bitcoin and Ethereum are commodities.”
🚨CFTC Chairman Behnam says an Illinois court confirmed that $BTC and $ETH are digital commodities under the Commodity Exchange Act.
— Eleanor Terrett (@EleanorTerrett) July 10, 2024
SEC Chairman Gary Gensler thinks that the vast majority of cryptocurrencies are securities.
UPDATE-18:24
Senator Roger Marshall told the CFTC chairman that there is a battle between the SEC and the CFTC to understand which digital assets are securities and which are commodities. “Wouldn't it be easier if we left all cryptocurrencies under the jurisdiction of the CFTC?” asked.
Behnam answered this question as follows:
“I speak for myself, but I would be happy to do this. I think we have the necessary expertise and capacity regarding cryptocurrencies.
“There needs to be some definitional changes to what is a security and what is a commodity under this regime.”
*This is not investment advice.
