
In the most high-profile testimony given in the year 2025, CFTC’s Chair Rostin Behnam, re-emphasized the urgency of the lawmaker’s enactment of congressional regulations designed to tackle the industry’s regulatory requirements. His call for a regulatory crystalization that he’d commenced last year remained a highlight at his annual appearance before the House Agriculture Committee.
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- CFTC Chair Rostin Behnam emphasizes the urgent need for Congress to enact cryptocurrency regulations during the annual House Agriculture Committee hearing.
- Behnam underscores the significance of addressing regulatory gaps, especially in light of recent bitcoin price fluctuations, dismissing the notion of crypto fading away as a false narrative.
- The hearing also delves into the FIT Act, with Behnam expressing confidence that, if passed, the CFTC could establish a regulatory framework within 12 months while addressing concerns about budgetary certainty.
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CFTC Chair Urges Congressional Action on Cryptocurrency Regulations
We must fill the gap in crypto regulation,” Behnam declared on Wednesday, highlighting the recent fluctuations in bitcoin’s (BTC) price. Expressing concern, he stated that expecting “another period of irrational exuberance” would be an understatement. “This notion of crypto going away, I think, is just a false narrative.
Behnam underscored the urgency for Congress to take action, particularly concerning Bitcoin, which he unequivocally labeled as a commodity. “Here are two of the largest tokens, making up approximately 60 to 70% of the whole market capitalization \\\[of crypto\\\],” he added, referring to BTC and ETH.
During the session, lawmakers questioned Behnam about the Financial Innovation and Technology Act for the 21st Century (FIT Act), which cleared the House Agriculture and Financial Services Committees last year but failed to secure a floor vote. The committee also addressed topics other than the FIT Act in their hearing for the respective financial year. At a recent hearing, Behnam indicated the urgent need for improved budget certainty, not budget deficits.
Should Congress pass the FIT Act, Behnam expressed confidence that the CFTC could establish a regulatory framework within 12 months.
In a later exchange, Rep. John Duarte (R-Calif.) sought clarification from Behnam on how bitcoin and other cryptocurrencies are classified as commodities. Behnam explained that the classification of Bitcoin as a commodity is “mostly used in the counter-negative.” He clarified that if an asset is not deemed a security, it falls under the commodity category, prompting an analysis to confirm that it’s not a security.
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