US senators question CFTC's ability to regulate cryptocurrencies after FIT21 is passed

Democratic Senator Dick Durbin of Illinois told a Senate Appropriations subcommittee hearing on Thursday that following the passage of FIT21 by the U.S. House of Representatives, the bill would give the Commodity Futures Trading Commission (CFTC) more power and money to regulate cryptocurrencies, and some lawmakers are concerned that the CFTC "has responsibilities far beyond their capabilities."
Durbin asked Rostin Behnam, CFTC chairperson, at the hearing: "What exactly makes you think the CFTC can enter this fast-changing, huge world and become an effective regulator?" Behnam said. "Non-securities commodities