The head of the U.S Commodity Future Trading Commission (CFTC) is planning to regulate many digital assets as commodities.
CFTC (Commodity Future Trading Commission) chair Rostin Behnam supports the proposal of the U.S Senate bill 4760, the Digital Commodities Consumer Protection Act of 2022(DCCPA), to order its agency to regulate cryptocurrency assets the similar way they do other derivatives markets.
At the hearing on the bill in U.S Senate Committee on Agriculture, Rostin Behnam underlined that his agency’s oversight in this digital financial space is a logical extension of what they already do.
“As I have publicly stated several times, including to this committee, and as has been recognized by federal courts, many digital assets constitute commodities. As recognized by the DCCPA, the CFTC’s expertise and experience make it the right regulator for the digital asset commodity market.”
Rostin Behnam said consumers would likely suffer more financial losses during this volatile market.
Behnam mentioned that under the bill, Commodity Future Trading Commission oversight would mean more transparency about who people are doing business with and the risk related to transactions.
“The ups and downs of the market, and its effect on retail clients, which may only deteriorate under recent mixed economy situations, highlights the quick requirement for legal clarity and market safeguards,” Behnam informed in prepared remarks to the Agriculture Committee.
“Out of 10,000 tokens in the crypto world, I trust the wider mass are securities. So, I have requested the SEC staff to work personally with businessmen to have their tokens listed and overseen, where suitable, as securities.”
Earlier on 13th August, TheCoinrepublic reported that a Lawsuit filed in the South District of Ohio is a cease and desist order against Rathnakishore Giri and other companies headed by him, SR Private Equity LLC(Limited Liability Company) and NBD Eidetic Capital LLC. Further, CFTC requested the court to order Giri to pay back his Wrong investor.
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