Many cryptocurrency tokens are considered commodities under existing laws.

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said many digital assets are considered commodities under existing laws. Behnam urged the U.S. Congress to expedite the process of establishing a regulatory framework for cryptocurrencies. He also emphasized that he and U.S. Securities and Exchange Commission Chairman Gary Gensler are “getting along pretty well.”
regulatory gap
Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), said many digital assets or tokens are considered commodities under existing laws. But Behnam lamented the emergence of regulatory gaps and called on the U.S. Congress to intervene.

@CFTCbehnam said in #crypto, “We are figuring out how existing, decades-old laws fit into this new technology that will change and ultimately require new ways of thinking about policy and legislation.” “Under existing law, many tokens constitute commodities.” pic.twitter.com/F3JPjWq3wG
— Squawk Box (@SquawkCNBC) December 12, 2023

The CFTC Chairman’s views on cryptocurrencies are seemingly at odds with US Securities and Exchange Commission (SEC) Chairman Gary Gensler, who views many altcoins, including XRP and Ethereum (ETH), as securities. In addition to asserting that most digital assets are securities, the SEC, controlled by Gensler, has also been accused of intentionally obfuscating cryptocurrency regulations.

US Congress urges ‘legalization of technology’
As a result, some American politicians, such as Tom Emmer (R-MN), have called for Gensler’s dismissal and sought to limit the SEC’s ability to take enforcement actions. They also called for the rapid enactment of laws to regulate cryptocurrencies.
When asked about the limited movement toward establishing a regulatory framework for digital assets, Behnam, appearing on CNBC’s Squawk Box, acknowledged that progress has been slow. He declared that the U.S. Congress must move away from its position of not wanting to legalize the technology.
“Congress is going to have to overcome the feeling that they don’t want to legitimize the technology and that they don’t see it as sustainable or sustainable. What I mean is, it’s here and it’s not gone,” Behnam said.
Behnam also addressed the alleged turf war between the SEC and CFTC, saying he and Gensler “get along very well” and share similar values ​​and interests, especially when it comes to protecting markets. The CFTC chairman suggested that both organizations should find a way to “apply decades-old laws to this new technology.”
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