Bringing The Crypto Industry 'Into Mainstream' - CFTC Head Views.

Bringing The Crypto Industry 'Into Mainstream' - CFTC Head Views.

2022-02-11 | Eddy Morgan

Bringing The Crypto Industry 'Into Mainstream' - CFTC Head Views.

Rostin Behnam, head of the CFTC (Commodity Futures Trading Commission), is appealing to congresspeople to remedy the Commission's absence of enforcement mechanism in the digital asset area.

Behnam informed legislators on the Senate Committee on Agriculture, Nutrition, as well as Forestry during a proceeding labeled "Examining Digital Assets: Risks, Regulation, and Innovation" on Wednesday that perhaps the CFTC's jurisdiction is presently restricted to tackling forgery as well as the deception of digital assets in the absence of a straightforward legal regime. Since there is presently a hodgepodge of regulatory oversight as well as enforcement authority throughout various government agencies, the CFTC chair decided to add that the majority of the agency's measures undertaken in the past seven years "have primarily depended upon tips as well as informants" who helped bring cryptocurrency frauds as well as other nefarious activities to the CFTC's focus.

Behnam, who was affirmed by the Senate the previous month after serving as acting head of the CFTC as of January 2021, has earlier compared the government institution's policing of the digital asset environment to a beat police officer on the job.

Under Behnam's leadership, the CFTC has indeed been involved in enforcement instances involving cryptocurrency derivatives exchange BitMEX (which decided to spend a $100 million civil monetary penalty) as well as Tether and Bitfinex (which the committee penalized $42.5 million in October).

The second session of the Senate Agriculture Committee meeting would allow legislators to question industry professionals, notably FTX US CEO Samuel Bankman-Fried. On the other slope of the mountain, members of the House in the Financial Services Committee met on Tuesday to consider the suggestions from the President's Working Group on Financial Markets study on stablecoins.

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