Debates, negotiations and meetings continue to create a legal framework on the subject in the United States of America, which is eagerly awaited to see what kind of regulation it will make on crypto money. According to the information received, one of the meetings held in this context is being held in the US Congress today. According to leaked information, Rostin Benham, chairman of the US Futures Trading Commission (CTFC), is also attending the meeting. Details are on Kriptokoin.com.
Senate meeting on cryptocurrencies
CTFC’s Bentham earlier in October told a Senate committee that crypto-related crimes are just the “tip of the iceberg” had said; Now this committee wants to know what’s under the surface. The commission where the meeting was held is one of the interesting aspects of the event: Agriculture, Nutrition and Forestry Committee. It was surprising that this commission started to take the initiative in a financial issue. Also, the ongoing contention between the CFTC and the US Securities and Exchange Commission (SEC) over which institution will be the best crypto regulator is another element that makes the meeting important. It is reported that Sam Bankman-Fried, CEO of the famous cryptocurrency exchange FTX, attended the meeting, as well as CFTC Chairman Rostin Benham.
Most of the discussion in crypto regulation revolves around the difficulty in determining whether cryptocurrencies are securities or commodities. For example, SEC Chairman Gary Gensler has acknowledged that Bitcoin is a commodity, although he has remained silent about his position on Ether. In his previous statements, the CFTC chairman had argued that the CFTC should be the most authoritative institution in the United States on cryptocurrencies. Among the incoming information is that Benham told the commission that the budget allocated to them does not allow them to oversee crypto.
Another axis of criticism directed at the crypto money industry in general and Bitcoin in particular is the negative impact they have left on the environment. It is alleged that the chairman of the CFTC tried to persuade the commission that his institution should take an active role in investigating this issue. According to the latest information received, one of the questions to be asked to the CFTC chairman at the meeting is about how to classify Bitcoin. Behnam reportedly gave a “commodity” answer to this question by subtracting Bitcoin’s store-of-value function first, in line with his previous statements.
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