1 year ago
Speaking astatine the Futures Industry Association Expo 2023 connected Oct. 2, U.S. Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam reiterated his stance connected the urgency of implementing a important regulatory model successful the burgeoning cryptocurrency market.
Behnam’s comments are among the firmest to day successful a bid of calls for greater attraction to updating argumentation frameworks to much adequately modulate the integer plus industry. These comments are successful stark opposition to presumption from Behnam’s counterpart astatine the Securities and Exchange Commission, Gary Gensler, who has maintained that the securities laws presently connected the books are capable to modulate the industry.
According to Behnam, the CFTC’s Division of Enforcement has obtained orders imposing much than $6 cardinal successful monetary alleviation successful the past fiscal year. Among these actions, 45 were related to integer plus misconduct, accounting for implicit 34% of the 131 specified actions initiated by the Commission since 2015.
This code aligns with Behnam’s previous statements that integer assets markets tendency and request a clearer regulatory framework. This stands successful opposition with the stance of Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has repeatedly suggested that existing securities laws are capable to govern integer assets.
Furthermore, Behnam posits that astir 70% of the crypto marketplace should beryllium recognized arsenic commodities. He has called for authorities from Congress to supply wide guidelines connected commodity tokens and heighten the CFTC’s authorization successful this area.
Behnam’s code besides touched connected the criticality of implementing proactive measures to guarantee robust cybersecurity, strategy safeguards, and lawsuit protection. He argued that waiting for victims to endure undermines the Commission’s mission.
The CFTC Chairman’s statements proceed to bespeak his steadfast stance connected the request for further regulations for the crypto and peculiarly Defi space, adjacent successful the look of accordant ineligible challenges. This position further highlights the ongoing divergence of views betwixt Behnam and his SEC counterpart regarding the regulatory aboriginal of the crypto market.
The station CFTC Chair Rostin Behnam disagrees with Gary Gensler connected the authorities of integer plus regulation appeared archetypal connected CryptoSlate.
English (US) 