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.
Marshall 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.
A stablecoin lost its peg to the US dollar on Wednesday morning, following allegations that the company behind it, based in Hong Kong, was facing bankruptcy.
Binance, one of the largest cryptocurrency exchanges globally, is enchancing its Spot trading platform by introducing new trading pairs and Trading Bot services.
The crypto market constantly sees new assets emerge, but not all make a lasting impact. Some coins slowly gain value, while others quickly lose momentum.
A prominent crypto analyst, known as Cheds, has issued a warning about Dogecoin’s (DOGE) potential decline amid the ongoing market correction.