The Commodity Futures Trading Commission (CFTC) has shared with Congress its plans to regulate it with full oversight of the crypto market if the proposed Digital Commodities Consumer Protection Act becomes law.
The CFTC also considers many digital assets to be commodities.
CFTC Steps Up For Regulations
The CFTC believes that many digital assets are commodities. Besides, SEC Chairman Gary Gensler thinks that the vast majority of cryptocurrencies are securities.
Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), discussed how his agency could regulate the crypto market in a legislative session before the U.S. Senate Agriculture, Nutrition and Forestry Committee on Thursday.
The purpose of the hearing was to review the Digital Commodities Consumer Protection Act (DCCPA), which aims to strengthen the CFTC with exclusive jurisdiction over the digital commodity spot market. The bipartisan bill was introduced in the US Senate in August by Senators Debbie Stabenow, John Boozman, Cory Booker and John Thune.
Behnam told lawmakers:
“Many digital assets are commodities. The CFTC’s expertise and experience makes it the right regulator for the digital asset commodity market.”
He explained that the CFTC is facilitating its protection of investors and users through its principles-based market surveillance and disclosure regime aimed at ensuring transparency, integrity and security of transactions.
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