Rostin Behnam, chair of the US Commodity Futures Buying and selling Fee, or CFTC, has mentioned he will likely be persevering with efforts for the company to manage non-security tokens.

In remarks launched for a Feb. 3 American Bar Affiliation occasion, Behnam pointed to “bankruptcies, failures, and runs” as a part of the justification for Congress to offer the CFTC the authority to deal with regulation for cryptocurrencies. In keeping with the CFTC chair, the fee was “properly positioned” to deal with any regulatory gaps however deferred to U.S. lawmakers to drag the set off on laws.

“Regulation is critical to guard prospects and to stop failures which can not predictably be contained inside any boundaries throughout the home and world monetary markets,” mentioned Behnam. “No matter whether or not one or many happen in 2023 or 2033, we should act. There’s a new Congress, and I’ll proceed to have interaction and supply technical help to draft laws, as requested.”

As we speak @CFTCbehnam will ship a keynote tackle on the ABA Enterprise Legislation Part Derivatives & Futures Legislation Committee Winter Assembly. Learn it as ready right here: https://t.co/PZuT4vzrBr

— CFTC (@CFTC) February 3, 2023

In keeping with the CFTC chair, finances will increase for the fee would additionally assist develop its enforcement workforce, which introduced 69 crypto-related actions up to now — a listing that features FTX, Ooki DAO, and others. Behnam mentioned the workforce was “working in direction of one other robust 12 months of precedent-setting circumstances” in opposition to fraudulent or unlawful digital asset tasks.

CFTC slammed for ‘blatant regulation by enforcement’ over Ooki DAO case

Although the political make-up of the 118th Congress differs barely from that of its predecessor, it’s unclear if the CFTC will likely be given extra authority beneath Behnam. One of many items of laws lawmakers might revisit is the Lummis-Gillibrand Accountable Monetary Innovation Act — a invoice first launched in June 2022 geared toward addressing the roles of the CFTC and Securities and Trade Fee on crypto regulation.