Senate hearing – CFTC and SEC
Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam and Securities and Exchange Commission (SEC) Chair Gary Gensler appeared simultaneously at yesterday’s Senate Appropriations Subcommittee on Financial Services and General Government hearing on their respective 2025 budgets. See the hearing page.
Sen. Chris Van Hollen (D, MD) – the Subcommittee Chair – and Sen. Bill Hagerty (R, TN) – the Ranking Member – oversaw the one-and-a-half hour hearing.
Senate hearing – prepared testimony
With 12 mentions of “digital assets” in his prepared testimony, CFTC Chair Behnam made clear he’s still angling for the spot market controls he’s long-desired for his agency over digital assets. He said in part, “The lack of legislation addressing the regulatory gap over the digital commodity asset spot market has not hindered the public’s enthusiasm for digital assets, and I continue to believe Congress must act…” Read Chair Behnam’s prepared testimony.
In his opening statement, SEC Chair Gensler focused less directly on digital assets but repeated his claim that crypto markets were “the Wild West” and represent a dearth of compliance with the law. Read the Chair’s opening remarks – and read his prepared testimony here. Continue reading “Senate Hearing Pits SEC Against CFTC; CFTC Commissioners Tapped By White House”