• CFTC Chairman Rostin Behnam has mentioned the overwhelming majority of cryptocurrencies, between 70 and 80 p.c, are non-securities.
• Behnam appeared at a U.S. Senate Agriculture, Fisheries, and Diet Committee listening to on oversight of digital merchandise on Wednesday.

Commodity Futures Buying and selling Fee (CFTC) Chairman Rostin Behnam has reiterated his perception that the CFTC is best suited to supervise cryptocurrencies.

The CFTC chairman made the feedback throughout testimony at a U.S. Senate Agriculture, Fisheries, and Diet Committee listening to on oversight of digital merchandise on Wednesday.

Behnam spoke to lawmakers a couple of latest courtroom ruling in Illinois that declared Bitcoin (BTC) and Ethereum (ETH) to be commodities.

“Final week, the District Courtroom for the Northern District of Illinois granted abstract judgment in favor of the CFTC in a fraud case introduced by unregistered entities that promised regular earnings in digital asset merchandise reminiscent of Bitcoin and Ethereum. In its choice, the Courtroom reaffirmed that each Bitcoin and Ethereum are commodities underneath the Commodity Change Act,” he mentioned in his testimony.

Equally, the CFTC chairman famous that the majority cryptocurrencies available on the market usually are not securities, accounting for roughly 70-80 p.c.

Behnam additionally spoke concerning the European Fee's regulatory efforts, together with taking enforcement motion towards people and entities that violate commodity legal guidelines, together with digital commodity markets.

The CFTC has filed greater than 135 digital products-related circumstances over the previous few years, leading to billions of {dollars} in fines and damages.

Whereas the CFTC continues to work with regulation enforcement, it famous that digital asset fraud and different violations proceed to extend, primarily as a result of “accelerated and sustained adoption of digital property by U.S. buyers.”