Former CFTC Chairman: Without Granting Greater Authority to CFTC, Crypto Market Will Continue to Lack Regulation

According to a report by Jinse Finance, former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, stated that unless the CFTC is granted greater regulatory authority, the cryptocurrency market will continue to remain unregulated. Behnam supports the long-held view in the crypto industry that cryptocurrencies are commodities, noting that under current law, major tokens including Bitcoin and Ethereum are considered commodities, and the Securities and Exchange Commission (SEC) does not have jurisdiction over these tokens. Since SEC laws do not allow it to regulate commodities, and the CFTC can only regulate derivatives, if the CFTC is not granted new authority to regulate "non-securities assets in the digital asset spot market," this field will continue to remain unregulated, potentially exposing investors to risks such as fraud, manipulation, and conflicts of interest.