Proposed bills in Congress would give the CFTC more ability to regulate crypto, but the CFTC chair said bitcoin may be the only token considered a 'commodity.'
campaigns to the tune of $23,200 each. SBF and former top deputy Ryan Salame put money in the election coffers of multiple other members of the agriculture committee as well. This fact hung over the entire committee as members made some interesting as well as some undeniably untenable arguments for what should be done with crypto.
“We have a cursory understanding of what happened… I think it will take months to understand the state and scope of the investigation,” the CFTC chair said.Of course it wouldn’t be a senate hearing without at least one senator saying something very dumb. Alabama’sTommy Tuberville even admitted that he had invested “some amount” into crypto, somehow claiming “it’s totally new” despite the fact that bitcoin alone has been around for well over a decade.
Roger Marshall proposed a complete “pause” on crypto in the U.S. until they could wrap their minds around the whole thing and its potential pitfalls. Behnam contested that doing so would put regulation out of the country’s hands, all the while U.S. citizens would still be exposed to potential losses.
Behnam said the legislation would give them proactive oversight and more opportunities for enforcement actions over commodity tokens, but just how much control would that really allow? In remarks made at Princeton’s new blockchain-minded institute DeCenter Behnam reportedly made the startling claim that the
. While bitcoin remains the biggest cryptocurrency by market cap, by far, in the past the CFTC had also made claims over ethereum, the second-biggest crypto token.In the hearing, Behnam said they wouldn’t have had any authority over FTX’s native coin FTT, since that was aligned with securities. SEC Chair Gary Gensler had previously said thatKirsten Gillibrand (she received
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