Coinbase urges Congress to grant CFTC regulatory authority over cryptocurrency spot markets

BlockBeats News: On February 19th, Coinbase called on the US Congress to empower the Commodity Futures Trading Commission (CFTC) to comprehensively regulate the cryptocurrency spot market and proposed six legislative priorities. Faryar Shirzad, Chief Policy Officer of Coinbase, emphasized in the proposal that Bitcoin and Ethereum should be classified as commodities rather than securities, and therefore the CFTC should be responsible for regulating the spot market for cryptocurrencies to ensure market transparency and prevent fraud and manipulation. The six core recommendations of this proposal include: clearly defining tokens and trading, granting CFTC spot market regulatory authority, developing SEC capital raising rules, establishing a stablecoin regulatory framework, protecting decentralized finance (DeFi) and digital commerce, and ensuring clear regulation of centralized entities.