Markets News Report
June 06, 2023

CFTC Chair Behnam Will Testify at a House Hearing on Bitcoin Futures

CFTC Chair Behnam Will Testify at a House Hearing on Bitcoin Futures

The US Commodity Futures Trading Commission (CFTC) Chair, Rostin Behnam, Coinbase’s Chief Legal Officer, Paul Grewal, and several former regulators are due to testify on Tuesday before a US congressional committee. The House Agriculture Committee will convene to debate cryptocurrency legislation and hear testimonies from these industry leaders, including former CFTC Chair, Christopher Giancarlo.

This hearing, entitled “The Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets,” will start at 10 a.m., following recent news of a complaint filed against cryptocurrency exchange Binance by the Securities and Exchange Commission (SEC). This meeting also comes in the wake of House Agriculture Committee Chair Glenn “GT” Thompson releasing a draft proposal for cryptocurrency regulation.

In addition to Behnam, Grewal, and Giancarlo, the committee will also hear from Dan Gallagher, the former SEC Commissioner and current Chief Legal Compliance and Corporate Affairs Officer at Robinhood Markets, Inc. Other key individuals set to testify include former CFTC Commissioner and ex-SEC General Counsel Dan Berkovitz, and former CFTC Acting Chairman and current CEO of the Futures Industry Association, Walt Lukken.

It is expected that the committee will discuss a draft proposal, released last week, which seeks to clarify the conditions under which a digital asset would be classified as a security and thus subject to regulation by the SEC. This proposed legislation also outlines the process for handling digital assets and how intermediaries can register with the SEC or CFTC.

Digital Assets Futures

At the conclusion of the last session of Congress, both the House Financial Services Chair Patrick T. McHenry of North Carolina and House Agriculture Committee Chair Thompson expressed their desire to forge a path forward together, according to senior policy insiders involved in the legislation’s drafting.

The proposed legislation, named the Digital Asset Market Structure Discussion Draft, would establish a framework giving the CFTC jurisdiction over digital commodities. It also aims to clarify the SEC’s jurisdiction over “digital assets offered as part of an investment contract.”

  • Coinbase CEO Armstrong expresses concern over U.S. lawmaker and regulator’s approach to cryptocurrency regulation. His argument is that policy actions could lead to the relocation of innovation to other nations. In the long run, this shift could negatively impact America’s history of leading technological advancements and its national security stance.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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