Benham noted the CFTC was actively enforcing digital commodities by bringing over 135 cases. However, the escalating rate of enforcement cases reflected the accelerated adoption of digital assets by U.S. investors. The Chairman emphasized that the CFTC, primarily responsible for overseeing derivatives markets, was allocating significant resources towards a market that it lacked the authority to regulate robustly. The Chairman also noted the progress made by other countries in establishing regulatory frameworks for digital assets. He warned that regulatory gaps left U.S. consumers vulnerable to exploitation by bad actors and hindered coordination efforts. The Chairman concluded with his legislative priorities for a comprehensive regulatory framework, including a principles-based oversight model, adequate funding, disclosure requirements, anti-money laundering measures, and a clear distinction between commodities and securities. A link to the recording of the testimony can be found here.