Commodities Futures Trading Commission (CFTC) Chairman Rostin Behnam believes that most cryptocurrencies are commodities under existing laws, which need to be updated to account for technological advances.
Behnam made the statement during an interview on CNBC’s Squawk Box on Dec. 12. The CFTC chair said there is an urgent need for more comprehensive regulatory frameworks as crypto is here to stay.
Behnam’s comments come amid growing concerns about the lack of precise regulation in the digital asset space. He stressed that while cryptocurrencies have established a permanent presence in the market, regulatory bodies and Congress must work together to close existing gaps in legislation.
Turf War
According to Behnam, one of the critical challenges in regulating digital assets is the ongoing “turf war” between various regulatory bodies — primarily the SEC and the CFTC- over who gets to regulate the burgeoning sector. This conflict has hindered progress in establishing clear guidel
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