CFTC Chair Rostin Behnam emphasized the urgent need for Congress to address regulatory gaps in the crypto industry

CFTC Chair Rostin Behnam emphasized the urgent need for Congress to address regulatory gaps in the crypto industry during his recent testimony before the House Agriculture Committee. He reiterated the importance of passing legislation like the FIT Act, which would empower regulators to establish a clear framework within 12 months.

Behnam dismissed the idea of crypto fading away, calling it a false narrative, especially considering recent price movements in bitcoin. He stressed the significance of regulatory action, particularly concerning bitcoin, which he categorizes as a commodity alongside ether.

The discussion revolved around the FIT Act, a bill that previously gained momentum in committees but stalled before reaching a floor vote. Behnam expressed confidence in the CFTC’s ability to develop regulations swiftly if the bill passes.

During the hearing, Behnam clarified the classification of bitcoin as a commodity, noting its distinction from securities. He highlighted the need for thorough analysis to determine its status and affirmed that once deemed not a security, it falls under the category of commodities.

The conversation underscores the ongoing debate surrounding crypto regulations and the importance of legislative action to provide clarity and certainty for market participants.