Former Chairperson of the US CFTC: Without expanding the CFTC's authority, the crypto market will continue to lack supervision

The former chairperson of the US Commodity Futures Trading Commission (CFTC), Rostin Behnam, has said that the cryptocurrency market will remain unregulated unless the CFTC is given greater regulatory authority.
Behnam supports the crypto industry's long-held view that cryptocurrencies are commodities, noting that major tokens, including Bitcoin and Ethereum, are commodities under current law and that the Securities and Exchange Commission (SEC) has no jurisdiction over them.
Since SEC law does not allow it to regulate commodities, and the CFTC can only regulate derivatives, without granting the CFTC new authority to regulate "non-securities assets in the digital asset cash market," the space will remain unregulated, potentially exposing investors to risks such as fraud, manipulation, and conflicts of interest.