U.S. Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam has called for a substantial regulatory framework to be implemented in the cryptocurrency market. He believes that approximately 70% of the crypto market should be recognized as commodities and that legislation from Congress is needed to provide clear guidelines on commodity tokens and enhance the CFTC’s authority in this area. Behnam also highlighted the need for proactive measures to ensure robust cybersecurity, system safeguards, and customer protection. His views stand in stark contrast to those of his counterpart at the Securities and Exchange Commission, Gary Gensler, who has maintained that the securities laws currently on the books are sufficient to regulate the industry.

Behnam’s comments come after the CFTC’s Division of Enforcement obtained orders imposing more than $6 billion in monetary relief in the past fiscal year, with 45 of these actions related to digital asset misconduct. He has previously stated that digital assets markets desire and demand a clearer regulatory framework. His speech at the Futures Industry Association Expo 2023 on October 2 reiterated his stance on the urgency of implementing a substantial regulatory framework in the burgeoning cryptocurrency market.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	9
People	Rostin Behnam, Gary Gensler
Companies	Futures Industry Association, Securities and Exchange Commission, Congress, Commodity Futures Trading Commission, Division of Enforcement
Currencies	None
Securities	None