**Rostin Behnam**, Chairman of the Commodity Futures Trading Commission (CFTC), has declared that both Bitcoin and Ethereum are commodities, not securities. This announcement was made during his testimony before the U.S. Senate Agriculture Committee.
This decision aligns with a recent Illinois court ruling that also classified altcoins Olympus (OHM) and KlimaDAO (KLIMA) as commodities, marking a significant milestone for the cryptocurrency market.
Behnam highlighted that 70-80% of crypto assets are not related to securities, emphasizing the need for regulatory oversight to protect investors. He referred to the 2022 FSOC report, which called for addressing regulatory gaps in the digital assets market.
Key legislative priorities include adapting CFTC rules to crypto risks, implementing a fee-for-service funding model, and strengthening KYC and AML measures. Behnam also stressed the importance of collaboration between the **SEC** and the CFTC to ensure secure and fair digital asset trading.
Behnam’s testimony signifies a pivotal moment, paving the way for more structured and secure markets that prioritize investor protection and market stability in the long term.
