Squawk

Billion

<a href="https://bitcoinworld.co.in/cftc-boss-recognizes-many-crypto-tokens-as-commodities/" title="CFTC Boss Recognizes Many Crypto Tokens As Commodities" rel="nofollow"></a>
<ul> 
 <li>CFTC Boss, Russ Behnam, confirms on CNBC that many crypto tokens are commodities.</li> 
</ul> 
In a statement during a CNBC <a href="https://twitter.com/SquawkCNBC/status/1734557418535756155">interview</a>, Commodity Futures Trading Commission (CFTC) Boss, Russ Behnam, acknowledged that “under existing law, many of the tokens constitute commodities.” &nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 "It is figuring out how existing, decades-old law, fits into this new technology that seems to be changing and ultimately needs a new way of thinking around policy and legislating," says <a href="https://twitter.com/CFTCbehnam?ref_src=twsrc%5Etfw">@CFTCbehnam</a> on <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a>. "Under existing law, many of the tokens constitute commodities." <a href="https://t.co/F3JPjWq3wG">pic.twitter.com/F3JPjWq3wG</a> 
 — Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1734557418535756155?ref_src=twsrc%5Etfw">December 12, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This direct declaration provides much-needed clarity on the regulatory status of cryptocurrencies in the U.S.&nbsp;&nbsp; 
Figuring out regulations&nbsp; Russ Behnam delved into the regulatory intricacies facing the crypto industry, stressing the urgent need for legislative action.&nbsp;&nbsp; 
“I think members in Congress are trying to figure out the landscape,” he remarked.&nbsp;&nbsp; 
The regulator acknowledged the challenge of fitting new digital assets into traditional regulatory models.&nbsp; Behnam emphasized the CFTC’s commitment to market stabilization during the interview.&nbsp; 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/irs-demands-24-billion-in-unpaid-taxes-from-ftx/" aria-label="“IRS Demands $24 Billion In Unpaid Taxes From FTX” (Edit)">IRS Demands $24 Billion In Unpaid Taxes From FTX</a> 
Cracking down on bad actors &nbsp; The CFTC boss also touched upon the high-profile Binance settlement and the ouster of its CEO.&nbsp;&nbsp; 
“We work together and we feel like we got the bad actor here,” referring to actions taken against Binance and its founder, Changpeng Zhao.&nbsp; 
During the interview, Russ Behnam also predicted that CZ would have to serve some prison time. &nbsp; “We have over $4 billion in fines on the criminal and civil side…and he will be going to jail,” he said. 
The post <a href="https://bitcoinworld.co.in/cftc-boss-recognizes-many-crypto-tokens-as-commodities/">CFTC Boss Recognizes Many Crypto Tokens As Commodities</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

CFTC Boss Recognizes Many Crypto Tokens As Commodities

ItsBitcoinWorld

Other articles published on Dec 12, 2023

Anthony Scaramucci Urges Senator Warren to Explore Bitcoin’s Potential

Greenidge Generation Holdings and Infinite Reality Announce New Partnership and Equity Swap

Key Events to Watch for Bitcoin This Week

BitMart Lists Zero-Knowledge DeFi Pioneer Panther Protocol’s $ZKP

Coinbase Lists SEAM Token as Airdrop and Liquidity Mining Program Begin

Polygon Unveils Next-Gen UX with Polygon Portal for Seamless Web3 Experience

Join our free newsletter for daily crypto updates!