Former CFTC Chairman Rostin Behnam: The crypto assets that are not derivations "have no legal regulation," can Congress please fight for this?

Former CFTC Chairman Behnam warned of a regulatory vacuum in the crypto market and called on Congress to authorize the CFTC to regulate the spot market and reduce risks. (Synopsis: U.S. Vice President Vance Bitcoin Conference Full Speech: BTC is the best political safe-haven asset, 50 million Americans have held and supported stablecoin legislation) (Background added: Ukraine considers building a "bitcoin war reserve" and works with Binance to push for legislation) Rostin Behna, former chairman of the U.S. Commodity Futures Trading Commission (CFTC), recently warned, If Congress does not grant the CFTC greater regulatory authority, the regulatory vacuum in the cryptocurrency market will continue, exposing participants to risk and discouraging institutional access. Regulatory vacuum, fast legislation! In an exclusive interview with Bloomberg, Behnam pointed out that sound regulation is the cornerstone of U.S. financial markets. However, in the crypto industry, the SEC or CFTC's regulatory authority disputes have hindered development and are in great need of congressional legislation. He is also concerned about the negative impact of political interference on legislation, implying that President Trump's stance on cryptocurrencies seems to want to maintain a regulatory vacuum. Commodity Characterization and the CFTC's Mandate Dilemma Behnam emphasized that mainstream cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are commodities under current law, so the SEC has little jurisdiction over such goods. However, the CFTC's existing mandate is limited to derivatives and lacks regulatory tools for the vast spot market for crypto commodities. Behnam said bluntly: "Unless the CFTC is given greater regulatory authority, the crypto market will remain unregulated." BTC and ETH together account for nearly seventy percent of the crypto market's market capitalization, highlighting the seriousness of inadequate regulation of the spot market. Behnam warned that these markets will remain unregulated until new licensing legislation is legislated. U.S. Legislative Progress Behram's argument is that unregulated markets make participants vulnerable to fraud, market manipulation and conflicts of interest, and he also expressed concern about the rapid growth of the stablecoin market, noting that its reserves are heavily invested in U.S. Treasuries, and rapid expansion could trigger financial stability risks, as exemplified by the 2008 financial crisis. The market remains unregulated ( unregulated ) also deterring large institutional investors. While Behna's regulatory logic is correct, large institutional investors have already entered the market. Although the US Congress currently has the GENIUS Act (Genesis Act) for stablecoins and the FIT21 bill to clarify rights and responsibilities, the legislative time is not short. Extended reading: Viewpoint: Never underestimate the US stablecoin bill Related reports Pension funds can buy Bitcoin! U.S. Department of Labor Revokes 401(k) Cryptocurrency Guidelines, Unlocks Tens of Billions of Dollars Bloomberg: China, Japan, India and Thailand are withdrawing 7.5 trillion magnesium investments from the United States, and Asia collectively quits "dollar dependence" U.S. Vice President Vance Bitcoin Conference Full speech: BTC is the best political safe-haven asset, 50 million Americans have held and supported stablecoin legislation (Former CFTC Chairman Rostin Behnam: Non-derivative cryptocurrencies "have no legal control", can Congress refuel? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".