Connect with us

Published

on

Crypto vulnerable if CFTC not given authority, says ex-chair Behnam

Former Commodity Futures Trading Commission Chair Rostin Behnam has said the crypto market will remain unregulated unless the agency he led is given greater authority.

In a May 28 Bloomberg TV interview, Behnam sided with the crypto industry on its long-standing argument that cryptocurrencies are commodities.

“If you look at existing law, the few largest tokens are commodities, which means the SEC does not have jurisdiction over those tokens, which include Bitcoin and Ether,” he said. 

He added that the Securities and Exchange Commission currently cannot properly regulate crypto because its law doesn’t allow it to regulate commodities, and the CFTC cannot regulate because it is a derivatives regulator.

Without new authority for the CFTC to regulate “cash markets in digital assets, non-securities,” this will remain an unregulated space, he claimed.

Crypto vulnerable if CFTC not given authority, says ex-chair Behnam
Rostin Behnam on Bloomberg TV. Source: Bloomberg

Behnam comments amid increasing scrutiny of the Trump family’s crypto ventures, which include the crypto platform World Liberty Financial, memecoins and a stablecoin.

On May 28, American political strategist and political commentator Sanders Townsend said Donald Trump is boosting his family’s investments in cryptocurrency and “is using the presidency to do it.”

The administration’s involvement in the regulatory process and legislative effort is “raising red flags” among some members of Congress, and there are “well-baked rules” for any elected or appointed government official that need to be complied with, he said. 

“Ultimately, until we do something, the [crypto] market will remain unregulated. Customers, investors, retail and institutional, will be more vulnerable to harm, fraud, manipulation and conflicts of interest, until the market is regulated.” 

Regulation critical to financial markets, says Behnam

Behnam also weighed in on Vice President JD Vance’s speech at the Bitcoin 2025 conference, backing up the need for crypto regulations. 

Related: Trump’s use of presidential seal at memecoin event raises legal questions

Vance said in a speech at the event that “we reject regulators” and that crypto “has a champion” in the White House. 

“Regulators are extremely important,” Behnam said. “They’re the reason American markets are the most desired in the world.” 

“Consumer protections and enforcement of the law are extremely critical to the health of our financial markets,” he added. 

Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest

Continue Reading

Politics

Major German bank to offer crypto trading by 2026 amid bank ‘FOMO’

Published

on

By

Major German bank to offer crypto trading by 2026 amid bank ‘FOMO’

Major German bank to offer crypto trading by 2026 amid bank ‘FOMO’

Sparkassen-Finanzgruppe execs once ruled out adopting crypto over concerns of volatility and risk, and the banking giant also blocked customer crypto transactions back in 2015.

Continue Reading

Politics

Analysts raise chance of SOL, XRP and LTC ETF approval to 95%

Published

on

By

Analysts raise chance of SOL, XRP and LTC ETF approval to 95%

Analysts raise chance of SOL, XRP and LTC ETF approval to 95%

Crypto ETF summer has arrived with America’s first staked Solana ETP and increased odds for other spot altcoin funds, according to analysts.

Continue Reading

Politics

PM faces threat of major rebellion during key vote today

Published

on

By

PM faces threat of major rebellion during key vote today

Sir Keir Starmer continues to face the threat of a major rebellion during a key vote on welfare reforms later – despite making last-minute concessions to disgruntled Labour MPs.

Work and Pensions Secretary Liz Kendall has confirmed that all existing claimants of the personal independence payment (PIP), the main disability benefit, will be protected from changes to eligibility.

The combined value of the standard Universal Credit allowance and the health top-up will rise “at least in line with inflation” every year of this parliament.

And an additional £300m for employment support for sick and disabled people in 2026 has been announced, which will rise every year after.

Please use Chrome browser for a more accessible video player

Welfare cuts ‘needed to be made’

Ms Kendall has also promised that a consultation into PIP – “co-produced” with disabled people – will be published next autumn.

She said the U-turn on welfare cuts will cost taxpayers about £2.5bn by 2030 – less than half the £4.8bn the government had expected to save with its initial proposals.

Modelling by Ms Kendall’s own department, released yesterday, suggested the proposals would push 150,000 more people into poverty by 2030, down from the 250,000 estimated under the original plan.

More from Politics

But after announcing the U-turns, Labour MPs were still publicly saying they could not back the plans as they do not go far enough to allay their concerns.

Disabilities minister Stephen Timms would not say he was “confident” the proposals would pass the Commons when asked on Sky News’ Politics Hub with Sophy Ridge.

“We’ve got a very strong package, I certainly hope it passes,” he replied.

Read more: What are the concessions to the welfare reform bill?

Please use Chrome browser for a more accessible video player

‘Disabled people thrown under the bus’

A total of 86 charities united yesterday to call on MPs to reject the reforms, saying they will harm disabled people and calling it “a political choice”.

The likes of Oxfam, Child Action Poverty Group, Mind and Shelter said the bill has been brought to a vote without consulting disabled people and without any assessment “of its impact on health and employment outcomes”.

When asked to name “a single” disability organisation in favour of the reforms, Ms Kendall declined to do so.

Several Labour MPs indicated they would still vote against the changes, leaving the government in the dark over how big a rebellion it still may face.

Ms Kendall tried to allay their fears, telling MPs: “I believe we have a fair package, a package that protects existing claimants because they’ve come to rely on that support.”

Richard Burgon presented a petition to parliament yesterday evening against the cuts, signed by more than 77,000 people.

Several Labour MPs questioned why the vote was going ahead before the review into PIP is published – including Rachael Maskell, who said she could not “countenance sick and disabled people being denied support” and added: “It is a matter of conscience.”

Connor Naismith said the concessions “undoubtedly improve efforts to secure welfare reform which is fair”, but added: “Unfortunately, I do not believe these concessions yet go far enough.”

Nadia Whittome
Image:
Labour rebel Nadia Whittome said the government was ‘ignoring’ disabled people

Nadia Whittome accused the government of “ignoring” disabled people and urged ministers to go “back to the drawing board”.

Ian Byrne told the Commons he will vote against the “cruel cuts” to disability benefits because the “so-called concessions go nowhere near far enough”.

The vote will take place this evening, with coverage on Sky News’ Politics Hub live blog and on TV.

Continue Reading

Trending