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<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; 
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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

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