Former U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam testified on June 4 before the House Committee on Financial Services, stressing the urgent need for Congress to regulate non-security digital assets. Drawing from his tenure at the CFTC, Behnam warned that “inaction will only result in greater risk to our financial markets and investors, through lack of market transparency, fraud, market manipulation, and conflicts of interest.” He highlighted that despite evolving volatility, public engagement with digital assets remains high and continues to grow, necessitating a durable and well-calibrated regulatory response.

Behnam proposed a targeted legislative framework granting the CFTC clear jurisdiction over non-security tokens, emphasizing:

A credible digital asset regulatory framework of commodity digital assets must include disclosures, but more limited in scope by virtue of the characteristics of the underlying asset.

He explained that while securities law prioritizes issuer-investor transparency, digital commodities demand a different approach. “In addition to disclosures for digital asset investors about risk of loss and the static characteristics of a token, the primary focus of a comprehensive market regulatory framework for commodity tokens should rest on the principles of fair, orderly and efficient markets.”

The former CFTC chairman also advocated for dual regulatory authority between the SEC and CFTC and encouraged lawmakers to avoid overlap while ensuring comprehensive coverage.

Further, Behnam insisted that any legislation must empower industry self-regulatory organizations: “Any effective legislative effort mandating a regulatory framework for digital assets must include a role for SROs.” He underscored the need for proper agency funding and public education initiatives to accompany any expanded mandate. Concluding his testimony, Behnam urged decisive action from Congress:

We need to act thoughtfully, but with urgency, to fill this harmful regulatory gap in order to give American investors the protection they deserve.

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