U.S. Senators Question CFTC's Ability to Regulate Cryptocurrencies After FIT21 Passes

U.S. Senator Dick Durbin, Democrat of Illinois, told a Senate Appropriations subcommittee hearing on Thursday that after the U.S. House of Representatives passed FIT21, a bill that would give the Commodity Futures Trading Commission (CFTC) more power and money to regulate cryptocurrencies, some lawmakers are concerned that the CFTC is "taking on far more responsibility than they are capable of". more than they can handle." Durbin asked CFTC Chairman Rostin Behnam during the hearing, "What is it about the CFTC that makes you think it can enter into this fast-changing, huge world and be an effective regulator?" Behnam stated, "Non-securities commodities