U.S. Senator Questions CFTC's Ability to Regulate Cryptocurrency After Passage of FIT21 Bill

2024-06-14 08:25:32

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ChainCatcher news, according to The Block, U.S. Senator Dick Durbin from Illinois stated during a Senate Appropriations Subcommittee hearing on Thursday that after the House of Representatives passes the FIT21 bill, it will grant the Commodity Futures Trading Commission (CFTC) more power and funding to regulate cryptocurrencies, while some lawmakers are concerned that the responsibilities "far exceed their capabilities."

Durbin asked CFTC Chairman Rostin Behnam during the hearing: "What exactly makes you think the CFTC can enter this rapidly changing, vast world and be an effective regulator?"

Behnam stated that there are regulatory gaps for "non-securities commodity tokens," and the CFTC has done well in taking enforcement actions against cryptocurrency entities.

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