For its close ties to FTX and Sam Bankman-Fried, the governmental department of trading and finance regulations (CFTC) has drawn criticism.
The only commodity, according to the state, the member of the committee R. Behnam, stated to be pro-crypto, but still showed the need for future regulation, especially for Bitcoin.
The need for better regulation
All other cryptocurrencies are now up for negotiation with the CFTC. Every cryptocurrency, but not the BTC token, is named by the CFTC, as the one that needed extra regulation. Whether cryptocurrencies are securities or commodities is a topic of ongoing discussion.
Experts concur that because Bitcoin is a redistributed system, it qualifies as a real commodity. On the one hand, opinions differ on how Ethereum and other altcoins should be treated.
Considering this, CFTC member R. Behnam in the previous meet-ups declared that the lone commodities (or tokens) are Bitcoin and Ethereum.
Other crypto-related assets were inadvertently described as commodities by him. But a member of the department recently altered his mind and said that the only cryptocurrency with any commercial value is Bitcoin in interview at Princeton University he said this to disprove his earlier assertion that ETH is a commodity.
Venham concentrates on regulating the crypto industry, despite criticism
As he came under intense scrutiny, Benham had a change of heart about Ethereum’s status. A number of the law-making meeting, who contend that the boss straight-backed up the SBF’s corrupted patterns, have criticized him.
According to reports, a recently proposed Senate Bill (DCCPA) would have given the CFTC more funding and increased control over cryptocurrency regulation.
The head stressed the perils of an unstructured cryptocurrency sphere and the pressing demand for better regulation laws and methods.
Behnam represented that there was not enough info and hours spent on the law-making process, for disputes over oversight authority and inequity between various regulators.
The time, he continued, has come for governors to band together and create an effective cryptocurrency regulative network that safeguards both stakeholders’ and states’ rights.
Boss stated that “doing nothing is paralyzing” and that it was time to control the speedily advancing cryptographic tech.