CFTC Chairman Signals Support for Lummis-Gillibrand Crypto Plan

The top US derivatives regulator is signaling his support for key aspects of a sweeping new bill on crypto regulation.

Rostin Behnam, the chairman of the Commodity Futures Trading Commission, said that the plan from Republican Cynthia Lummis and Democrat Kirsten Gillibrand “does a very good job” of drawing jurisdictional lines between different American financial regulators. The legislation, which was made public on Tuesday, could help clarify which digital currencies are considered commodities and which are securities -- a key sticking point in Washington’s attempts to oversee the market.

Photographer: Andrew Harrer/Bloomberg

The bill would give the CFTC additional authority to ...