The head of the US Commodity Futures Trading Commission (CFTC), Rostin Behnam, has said that the creation and implementation of innovations will not become a “free circumvention” of regulation for participants in the cryptocurrency industry.
During his speech at DC Fintech Week, he has expressed his confidence that Bitcoin and Ethereum are commodities. At the moment, the jurisdiction of the CFTC covers derivatives and futures, but does not extend to the spot markets.
He has said:
“What I have advocated and what Congress has asked for is to very clearly define the oversight of commodity tokens.”
The head of the CFTC announced in July the creation of the Office of Technology Innovation, which will regulate the crypto industry.
