PODMines
708-597-0111 info@podmines.com
  • Home
  • Our Hosting Process
  • Own a PODMine
  • Testimonials
  • News/Blog
  • About
  • Contact
  • Home
  • Our Hosting Process
  • Own a PODMine
  • Testimonials
  • News/Blog
  • About
  • Contact
©
PODMines

​CFTC May Ultimately Regulate #Bitcoin, Not SEC

10/4/2022

 
Picture
The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, discussed how his agency would regulate the crypto market in a legislative hearing Thursday (September 22) before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry.

The purpose of the hearing was to review the Digital Commodities Consumer Protection Act (DCCPA) which seeks to empower the CFTC “with exclusive jurisdiction over the digital commodities spot market.” The bipartisan bill was introduced in the U.S. Senate in August by Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD).Behnam told lawmakers:

​“Many digital assets constitute commodities … The CFTC’s expertise and experience make it the right regulator for the digital asset commodity market.”He explained that his agency “facilitates customer protections through its principles-based market oversight and disclosure regime aimed at ensuring transparency, integrity, and security of transactions.”

Behnam proceeded to detail that since 2014, the CFTC has brought almost 60 enforcement digital asset-related cases, including a recent matter involving a $1.7 billion fraudulent bitcoin scheme. “With a lack of full visibility into the digital commodity asset market, the agency’s enforcement program has had to lean primarily on tips and complaints from the public to identify fraud and manipulation,” the CFTC chairman described, adding:

“While we are engaged in a comprehensive effort across the agency to police these markets and their participants with the tools currently available to us, the DCCPA will allow us to apply our full oversight capabilities without restriction.”

Chairman Behnam concluded that “with the additional resources contemplated by the funding mechanism in the DCCPA and the clear mandates for customer education, outreach, and information gathering to ensure that our efforts reach all demographics of the investing community, … the CFTC can move swiftly in effectuating this new regime.”

Meanwhile, two other bills have been introduced in Congress this year to make the CFTC the primary regulator of the crypto spot markets. The “Responsible Financial Innovation Act” was introduced in June by U.S. Senators Cynthia Lummis (R-WY) and Kristen Gillibrand (D-NY). The other bill was the “Digital Commodity Exchange Act of 2022,” introduced in April by Reps. Ro Khanna (D-CA), Glenn “GT” Thompson (R-PA), Tom Emmer (R-MN), and Darren Soto (D-FL).

In addition, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has said repeatedly that the vast majority of crypto tokens are securities and should fall under the purview of his agency. However, he acknowledged that Bitcoin is a commodity. U.S. Senator Pat Toomey said Congress should step in with crypto guidance and the SEC should provide much more clarity on how it regulates the crypto sector.


Comments are closed.

    News/
    ​Blog


    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022

Quick Contact / Quote

Submit
Picture
PODMines
​12300 South Keeler Avenue
Alsip, Illinois 60803


708-597-0111
info@podmines.com

​


​
Bitcoin price by TradingView
Ethereum price by TradingView
JCN, LLC, d/b/a “PODMines” is an Illinois based LLC offering a subscription service suite of amenities for cryptocurrency and digital currency miners located at several properties in the Midwestern United States. Those amenities include: physical space within an exterior or interior mining pod, ambient air flow, electricity, bandwidth, 24x7 camera monitoring / key card access, and helping hands during normal business hours. PODMines expressly denies and disclaims making any representations, warranties, promises, and/or assurances of any kind regarding its subscription service to the customer other than those expressly contained within the service order and the accompanying terms and conditions of service. PODMines is not a security, or a security dealer. PODMines customers own their own mining equipment, and 100% of their subsequent mining rewards. PODMines customers may cancel their service at any time, subject to the terms and conditions of service. PODMines is not in control of, and has no influence over, the price of any digital or cryptocurrency. Cryptocurrency assets sometimes experience extreme market volatility, and anyone interested in gaining exposure to this asset class should discuss the potential risks and benefits of investing in cryptocurrency mining with any legal, investment, or other professional consultants prior to gaining exposure to this new class of assets. PODMines is not directly responsible for the day to day price of Bitcoin, or any other cryptocurrency or digital currency. PODMines customers assume all risks and liabilities inherent in mining for cryptocurrency or digital currency.
​

© 2022-2023 PodMines |  All Rights Reserved  |  Terms of Use  |  Privacy Policy  |  Website by LislDesign.com
Proudly powered by Weebly