Following the passage of a bill in the U.S. House that would grant more power and funding to the Commodity Futures Trading Commission to oversee crypto, one senator questioned whether the agency was truly up for that challenge.

Some worry the CFTC is "biting off a hell of a lot more than they can chew," said Sen. Dick Durbin, D-Ill.

"What in the world makes you think that you can get into this fast-moving, capacious world and be effective as a regulator?" Durbin asked CFTC Chair Rostin Behnam on Thursday during a Senate Appropriations subcommittee hearing, where both Behnam and SEC Chair Gary Gensler were testifying to discuss budget requests for their agencies.

There is a gap in regulation over "non-security commodity tokens," Behnam said. The CFTC has done well in bringing …