CFTC Wants To Be Primary Crypto Regulator
BitMEX Pleads Guilty To Bank Secrecy Act Violations, Ethereum Supply Hits 8-year Low On Exchanges
At a July 10 Senate Agriculture Committee hearing on digital commodities, CTFC chair Rostin Behnam said that CFTC would be happy to become the primary regulator of digital assets
The question about CFTC potentially becoming the main regulator while leaving just some "offshoots" for the SEC was asked by senator Roger Marshall.
Rostin Behnam noted that if that takes effect, there would have to be changes to securities and commodities definitions, and that the SEC shouldn't be deciding alone what assets are under CFTC jurisdiction.
CTFC chair Behnam also said that 70-80% of crypto assets are not securities.
Despite his disagreement about the SEC making decisions alone, Behnam stressed that just like throughout the past 50 years, both agencies would need to work together on grey-area matters and beyond.
A contract listing system would be needed that matches CFTC's existing authority and has a window for cooperation with the SEC.
To establish a regulatory system, Behnam said the CFTC would need $30M for the first and $50M for the second year for staff, admin, IT, and more.
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