Amid recent lawsuits by the Securities and Exchange Commission (SEC) against The House Agriculture Committee held a hearing to discuss the regulations of Spot cryptocurrency markets.
in vigil of Lawsuits Filed by the Securities and Exchange Commission (SEC) against The US House Committee on Agriculture met with prominent cryptocurrency exchanges Binance and Coinbase on June 6th for twin panel he heard on Laws of Spot cryptocurrency markets.
Leadership off actions, chief of Commodity Futures Trading Commission (CFTC) Rustin Behnam answered lawmakers’ questions, paving the way way for a second panel composed of Cryptocurrency industry professionals and past CFTC Executive Directors.
During that sessionBehnam focused his comment on need for categorical clarity for Cryptocurrency tokens, which exist practice of regulatory enforcement, and a call for clear regulatory Guidelines.
Over the of In the previous week, the SEC classified dozens of tokens as securities in their legal issues against Binance and Coinbase.
Rep. Dusty Johnson, R-South Dakota, investigated whether the SEC should Exclusive control digital assets.
In response to Johnson’s question, Behnam insisted that issue It wasn’t the case of Either or. He emphasized that any legislative or legal possibility power CFTC accumulation may not detract from the other party. Behnam pointed out out that it regulatory void Existing over digital commodity assets.
about the topic of Behnam stated that the Securities and Exchange Commission should presidency over assets classified as securities. boost view The world’s largest token bitcoinClassified as a commodity by a US court, remains Not regulated under US law.
Behnam expressed urgency need for extended authority for the regulatory body over The crypto-goods sector, noting the lack of exchanges list assets They are formally identified as commodities.
Several lawmakers have expressed concerns about this pattern of Regulation through enforcement currently He works in United State. “Regulation through enforcement does not adequately protect customers, it enhances market stabilization, or spur innovation,” emphasized committee chair Glenn Thompson, a Pennsylvania Republican, during his official statement.
Rep. Jim Gouvern, a Massachusetts Democrat, was asked about the potential fallout of this regulatory Pattern, Behnam highlighted CFTC enforcement recordincluding 82 cases over Eight years of agency without regulatory authority.
Behnam also confirmed that issue Neither the CFTC nor the Securities and Exchange Commission takes legal action against Parties in violation of the law, but a necessity for Strengthening congressional authority to manage crypto-related risks and develop definitive regulations.
warning of Possible financial Behnam referred to the instability, “as cryptocurrency market Volume fluctuates and is mostly stable in the last half-yearif it starts to grow, we could be too facing serious financial Concerns about stability.
This committee session unfolded heatedly on heels of Securities and Exchange Commission Fee Announcement against Coinbase for alleged violations of Securities laws. This accusation followed similar accusations against Binance, the world’s largest exchange, a day ago.
Tuesday second panel It included such notables as Coinbase’s Chief Legal Officer Paul Grewal and Robinhood’s Head of Legal Compliance and Corporate affairs Along with Officer Dan Gallagher former Chairs and delegates of the CFTC.
