• CFTC Chair Rostin Behnam says a majority of cryptocurrencies, 70-80%, are non-securities.
• Behnam appeared earlier than the  U.S. Senate Committee on Agriculture, Vitamin and Forestry’s Listening to on the Oversight of Digital Commodities on Wednesday.

Rostin Behnam, the chairman of the Commodities Futures Trading Fee (CFTC), has reiterated his perception that the CFTC is best positioned because the company to supervise crypto.

The CFTC chair made the feedback in an affidavit in the course of the  U.S. Senate Committee on Agriculture, Vitamin and Forestry’s Listening to on the Oversight of Digital Commodities on Wednesday.

Behnam instructed lawmakers of the current court docket rulings in Illinois that declared Bitcoin (BTC) and Ethereum (ETH) are commodities.

“Just last week, a District Court in the Northern District of Illinois entered summary judgment in favor of the CFTC in a case involving fraud by an unregistered entity that promised steady returns in digital asset commodities such as Bitcoin and Ether. In its decision, the court re-affirmed that both Bitcoin and Ether are commodities under the Commodity Exchange Act,” he stated in an affidavit.

In the identical method, the CFTC chair famous that a lot of the cryptocurrencies available in the market aren’t securities, with a share relevant to this being round 70-80%.

Behnam additionally talked of the Fee’s regulatory efforts, notably in bringing enforcement actions towards people and entities that breach the commodities legal guidelines, together with within the digital commodities market.

The CFTC has over the previous few years filed greater than 135 digital commodity-related instances, with the lawsuits leading to billions of {dollars} in penalties and restitution.

Whereas the CFTC continues to work with  regulation enforcement, there’s continued escalation of digital asset fraud and different violations, largely down to “accelerated and sustained adoption of digital assets by U.S. investors.”