Author: Jacob Oliver, CryptoSlate; Compiler: Song Xue, Jinse Finance

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam emphasized the need for a clear regulatory framework in the booming cryptocurrency market in an Aug. 14 interview with Intercontinental Exchange (ICE) podcast sex. **

Benham expressed concern about the industry’s current ambiguity and vulnerability to potential fraud and manipulation, saying: “The market seems to need some sort of regulatory framework.”

The comments come as institutional interest in cryptocurrencies is on the rise, with market participants seeking clarification. "You can predict that institutional demand could increase if there is a clear regulatory framework in place," he noted.

Commodities and Securities

Benham has commented extensively on the cryptocurrency space in the past, most notably that many currencies, including bitcoin and ethereum, should be considered commodities. **

However, this stance is somewhat at odds with that of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has previously stated that the vast majority of cryptocurrencies should be classified as securities and are therefore subject to current regulations. Governed by securities laws. Benham challenged this view, arguing that approximately 70% of crypto market production should be classified as commodities. ** **He called on Congress to enact legislation that would provide clearer guidelines for commodity tokens and strengthen the CFTC's powers to oversee the industry. **

This isn't the first time the CFTC chairman has weighed in on the cryptocurrency regulatory debate. At the March 2023 hearing, Benham declared digital assets such as ethereum and certain stablecoins to be commodities, challenging the SEC's broader classification of cryptocurrencies as securities. The distinction between the two regulators has long been a matter of debate and is likely to continue to influence the regulatory landscape of the cryptocurrency industry.

Currently, as institutional and individual interest in the cryptocurrency market continues, calls for clearer, more nuanced and comprehensive regulatory guidelines are growing.