Rostin Behnam, Chairman of the CFTC, testified before the Senate Agriculture Committee, discussing digital assets. Behnam noted that an Illinois court recognized Bitcoin (BTC) and Ethereum (ETH) as commodities.
He highlighted that 70-80% of tokens are non-securities, countering SEC Chairman Gary Gensler’s stance. This classification aligns with the CFTC’s viewpoint, distinguishing BTC and ETH from other tokens potentially classified as securities.
Behnam called for new legislation to regulate non-security tokens and protect investors from risks in this unregulated market. He stressed the need for Congress to act swiftly to safeguard financial markets and investors.
This testimony underscores a significant regulatory divergence and emphasizes the urgent need for comprehensive digital asset legislation.
