Up to 80% of Cryptocurrencies Are Not Securities, Says CFTC Chairman
CFTC Chairman Rustin Benham stated that a significant majority, between 70-80%, of tokens in the cryptocurrency market are not classified as securities.
He also highlighted a recent Illinois court decision affirming Bitcoin and Ethereum as commodities under the Commodity Exchange Act, as reported by Fox News’ Eleanor Terret.
In contrast, SEC Chairman Gary Gensler maintains that a majority of cryptocurrencies should be classified as securities.
Senator Roger Marshall raised the issue of conflicting views between the SEC and CFTC on the regulatory classification of digital assets during discussions with the CFTC chairman.
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Solana Dethrones Ethereum for the First TimeMarshall suggested consolidating oversight of all cryptocurrencies under the CFTC, expressing his support for such a move and believing the agency has the necessary expertise to regulate cryptocurrencies effectively.
He acknowledged the need for adjustments to definitions within the regulatory framework to accommodate this change.
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