Rostin Behnam, Performing Chairman of the US Commodity Futures Buying and selling Fee (CFTC), needs Congress to broaden the scope of his company’s authority in relation to the fast growth of digital asset markets. Ought to US lawmakers reply to Behnam’s name, this might imply that yet one more authorities company might tighten the regulatory grip over cryptoassets.
Shortly after a Bloomberg report advised the US Division of Treasury was anticipated to switch a lion’s share of the accountability for regulating stablecoins to the US Securities and Change Fee, the CFTC is becoming a member of the race for which company will regulate the quickly rising crypto trade.
Talking at a US Senate Agriculture Committee affirmation listening to in Washington, Behnam said he needed to finish his assertion “with just a few phrases about new and rising dangers and alternatives.”
The “progress and widespread adoption of digital belongings current many novel points for all regulators. In opposition to this backdrop, the CFTC has actively used our present statutory authority to cease and deter fraud and manipulation in these rising markets,” the company’s performing head mentioned. “If confirmed, the CFTC will proceed its proactive strategy to guard clients and strengthen market resiliency.”
Behnam mentioned he was wanting ahead to cooperating with the committee “to reexamine – and, if applicable, broaden – the CFTC’s authority to make sure each the advantages and promise of the rising digital asset market and the underlying know-how may be harnessed with out undue hurt to clients and monetary market stability.”
Former President Donald Trump nominated Behnam to move the CFTC in July 2017, after which he was unanimously confirmed by the Senate a month later for a time period expiring in June 2021, however the Fee’s members elected Behnam as performing chairman in January 2021. Final September, President Joe Biden nominated him for a second time period.
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