Turmoil in the cryptocurrency markets shows action is needed and the Commodity Futures Trading Commission is “well-positioned” to fill a regulatory gap in cryptocurrency markets if Congress chooses, the agency’s chair said.
The agency is also “working towards another strong year of precedent setting cases,” following the spectacular fall of crypto exchange FTX and other companies’ failures over the past few months, CFTC Chair Rostin Behnam said.
“The bankruptcies, failures, and runs only validate that action is needed,” Behnam said at an American Bar Association meeting. “The ecosystem is vast, will not vanish, and needs comprehensive legislation.”
Lawmakers introduced bills last year to regulate crypto including the Digital Commodities Consumer Protection Act, or DCCPA. That bill had support from former FTX CEO Sam Bankman-Fried and would give the commodities agency the authority to regulate digital assets. The bill would need to be reintroduced this year.
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