Rostin Benham, chairman of the CFTC, has said most cryptocurrencies are commodities and the CFTC competes with the SEC for authority to regulate the digital asset sector. Benham has acknowledged in an interview with CNBC that there is an urgent need for a comprehensive regulatory framework for digital assets. He has said: “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. Under existing law, many of the tokens constitute commodities.” According to him, regulators and Congress must work together to close existing regulatory gaps. He has said one of the biggest problems is a turf war between various agencies (particularly the SEC and CFTC) over who will regulate the growing sector. Access more than 50 of the world’s financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange Benham believes lawmakers can play a key role in legitimizing and integrating cryptocurrencies into the existing financial system.
