Ethereum

Bitcoin

Million

In his speech before the House of Representatives Agriculture Committee, Rostin Behnam, Chairman of the US Commodity Futures Trading Commission (CFTC), reiterated his call for Congress to pass a law addressing the jurisdiction of regulators in the cryptocurrency industry.
Behnam emphasized the need to “fill the gap in crypto regulation,” pointing to Bitcoin (BTC)’s recent price action. He suggested that expecting “another period of irrational exuberance” would be an understatement and dismissed the idea of crypto demise as “false rhetoric.”
He called on Congress to take action, especially on Bitcoin, which he clearly described as a commodity. He emphasized that BTC and Ethereum are two of the largest tokens and account for approximately 60 to 70% of the total crypto market cap.
Behnam was answering questions from lawmakers about the Financial Innovation and Technology for the 21st Century Act (FIT Act), a bill that passed the House Agriculture and Financial Services Committees last year but was never brought to a vote. The session covered more broadly, including the CFTC's budget requests for the upcoming fiscal year. Earlier in the hearing, Behnam stated that the agency needed more certainty about its budget.
Related News: <a href="https://en.bitcoinsistemi.com/microstrategy-after-announcing-that-it-will-sell-600-million-bonds-to-buy-bitcoin-changed-its-plan-upwards/" target="_blank" rel="noopener noreferrer nofollow">MicroStrategy, After Announcing That It Will Sell $ 600 Million Bonds To Buy Bitcoin, Changed Its Plan Upwards</a>
Behnam expressed his belief that if Congress passes the FIT Act, the CFTC could create a regulatory framework within 12 months.
Later in the session, Representative John Duarte asked Behnam to explain how Bitcoin or other cryptocurrencies qualify as commodities, using physical commodities as examples. Behnam explained that BTC's classification as a commodity is often used in a negative sense.
“If it is not a security, then it is a commodity,” Behnam said, adding that an analysis must be done to determine whether it is a security, which is usually a method of testing whether it is an investment contract or not. According to Behnam, if an asset is determined not to be a security, it becomes a commodity.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/cftc-chairman-behnam-talks-about-bitcoin-after-rally-calls-on-congress/" rel="noopener noreferrer nofollow">CFTC Chairman Behnam Talks About Bitcoin After Rally, Calls on Congress</a>

CFTC Chairman Behnam Talks About Bitcoin After Rally, Calls on Congress

Bitcoin Sistemi EN

2024년 3월 6일에 게재된 다른 기사

Bitcoin ETFs Can Overtake Gold ETFs This Summer If This Happens

Deputy Premier Inaugurates Bahrain Smart Cities Summit 2024

Top Reasons Why Bitcoin (BTC) Price Crashed 10% Today?

Crypto Predictions: Could Scorpion Casino Outlast Meme Coins Like Dogecoin And Shiba Inu?

Investiva simplifies crypto trading with advanced automated tools

Restaking Protocol EigenLayer Overtakes Aave In TVL Rankings

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!