US CFTC Chairman: Under current laws, many tokens are commodities

Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said in an interview with CNBC that many tokens are considered commodities under current laws. Due to the existence of cryptocurrencies, there is an urgent need for a more comprehensive regulatory framework. According to Behnam, an important challenge in regulating digital assets is the ongoing “power struggle” between various regulatory agencies, mainly the SEC and CFTC vying for regulatory authority in the industry. This conflict has hindered progress towards establishing clear guidelines for digital currency governance. Behnam said the U.S. Congress needs to step in and play a decisive role in legalizing and integrating cryptocurrency technology into the existing financial system. Behnam emphasized that the current regulatory framework is insufficient to meet the novel and evolving nature of digital assets. He called on the U.S. Congress to fill this regulatory gap, noting the need to amend decades-old laws to accommodate new technological developments. (Cryptoslate)