Acting Chairman of the Commodity Futures Trading Commission, Rostin Behnam, recalled that 60% of the digital asset market is commodities
Acting Chairman of the Commodity Futures Trading Commission (CFTC) Rostin Behnam recalled at a hearing in the US Senate that most cryptocurrencies are commodities, not securities. Behnam noted that the capitalization of the digital asset market exceeded $ 2.7 trillion.
“Of that $ 2.7 trillion, nearly 60% is in commodities,” says the CFTC chief.
Behnam clarified that cryptocurrency is not included in the field of activity of the Commodity Futures Trading Commission, however, given the rapid growth and adoption of digital assets, the department is ready to act as a responsible regulator for the crypto industry. In 2015, the CFTC already issued a statement calling Bitcoin a commodity.
On October 26, it became known that the working group on financial markets under the President of the United States (PWG) by the end of the week will present guidance on regulating the circulation of stablecoins in the country. New powers for working with stable digital coins will receive the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.