The Week in Crypto Policy: CFTC and Fed Oversight Hearings

At a House Ag hearing, 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. In the Senate, 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. Also, the Energy Information Administration agreed to stop its "emergency" data collection from commercial crypto miners, destroy the data it had already collected. It will now follow the traditional notice and comment period process.