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The Week in Crypto Policy: CFTC and Fed Oversight Hearings
Key Insights
- CFTC Chair Behnam urged Congress to close the regulatory gap in the crypto commodity spot market and reaffirmed the CFTC's position that ETH is a commodity.
- Fed Chair Jerome Powell told Senate Banking Committee members that the Fed would never issue a CBDC directly to individuals, only through banks, and would only do so with clear Congressional authorization.
- The Energy Information Administration agreed to stop its "emergency" data collection from commercial crypto miners, destroy the data it had already collected, and will now follow the traditional notice and public comment process.
House Ag Holds CFTC Oversight Hearing
On Wednesday, the House Ag Committee held a CFTC oversight hearing with Chair Rostin Behnam. Committee members covered Basel III's downstream effects on farmers, AI, when CFTC employees will return to the office full time, and more.
As for crypto policy, here are the highlights.
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.