Alongside Gorfine were former JPMorgan blockchain lead Amber Baldet, former CFTC chair Gary Gensler and A16Z managing partner Scott Kupor.
Gorfine framed his remarks from the perspective that many different things can be considered “commodities” – but not all of them would warrant attention from U.S. regulators.
Gorfine would return to that point several times during the hearing, which began at 10 a.m. local time.
“It’s important that we’re not hasty in figuring out what the contours are of applying securities law and then the commodities framework,” he remarked.
“As long as the stupid criminals keep using bitcoin it’ll be great,” Conaway quipped.

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