The Chairman of the US Commodity Futures Trading Commission (CFTC) Rostin Banham stated that 70-80% of crypto assets are not classified as securities, which contradicts the position of the US Securities and Exchange Commission (SEC).

Rostin Behnam made this statement in front of the U.S. Senate Committee on Agriculture. Behnam cited an Illinois court ruling that Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, are commodities regulated by the CFTC. The court also recognized Olympus (OHM) and KlimaDAO (KLIMA) as commodities under the Commodity Exchange Act. This classification is quite consistent with the CFTC’s position, Behnam assures.

The CFTC chairman believes that the agency should take full control of the cryptocurrency market. This would significantly simplify regulation of the industry, although lawmakers will have to clearly define what securities and goods are.

“The CFTC has never been more active than in the digital asset space. In fiscal year 2023, we filed 47 lawsuits related to digital commodities. That’s more than 49% of all CFTC lawsuits filed during that period,” Banham said.

The official noted that despite the high volatility of the crypto market and numerous scandals in the industry related to the bankruptcy of crypto lenders, more and more reputable financial companies are getting involved in the cryptocurrency sector. Therefore, Banham expressed concern about the lack of clear rules for the protection of investors and called on the US Congress to work on this issue.

Banham’s position is in stark contrast to SEC Chairman Gary Gensler, who has argued that all cryptocurrencies except Bitcoin should be classified as securities. Gensler recently warned that even if cryptocurrency platforms disclose financial information, it will not protect them from lawsuits from the SEC.