'An event occurred last night with Ethereum which is going to reduce energy consumption. A step in the right direction,' CFTC Chairman CFTCbehnam told SenAmyKlobuchar during his testimony before a U.S. Senate panel, giving a nod to the EthereumMerge.
Rostin Behnam, the head of the U.S. Commodity Futures Trading Commission, said he has already directed his agency to begin preparing to be the major, fully funded regulator for much of the crypto market, as anticipated in Senate legislation.
However, it wouldn’t let the agency define which tokens it would police, still giving the courts and the Securities and Exchange Commission leeway to figure out which assets would be defined as SEC-regulated securities. "This is a glaring hole in our financial system, and I believe we must close it," Stabenow said during the hearing, agreeing with Behnam that the CFTC is the"right regulator" for this work."This is a big responsibility with a lot at stake."
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