June 29, 2022

CFTC joins US Agencies Race to regulate cryptocurrencies through cryptonews

© Reuters. CFTC joins US agency race to regulate cryptocurrencies

Rostin Behnam, Executive Chairman of the Futures Trading Committee Ingredients (CFTC) wants Congress to expand the scope of its agency’s authority on the rapid growth of digital property markets. If U.S. lawmakers respond to Behnamin’s appeal, it could mean that another government agency could tighten regulatory control over it. Cryptoactive.

The CFTC enters the race shortly after the Bloomberg report recommended that the U.S. Treasury Department hand over responsibility for regulating fixed currencies to the US Securities and Exchange Commission (SEC). Cryptocurrencies Growing fast.

Speaking at a U.S. Senate Agriculture Committee confirmation hearing in Washington, Behnam said he would like to conclude his report with “a few words about new and emerging risks and opportunities.”

“The development and widespread adoption of digital assets presents many new problems for all regulators. In this context, the CFTC has actively used our current legal authority to incite and prevent fraud and manipulation in these emerging markets,” the agency’s interim chairman said. Will continue its effective approach. “

Behnam said he was interested in cooperating with the CFTC’s team to “reconsider – and expand if appropriate” the power to ensure that the benefits and promises of the emerging market for digital assets and basic technology are used without undue harm. Consistency, customers and financial market stability.

Former President Donald Trump appointed Behnam as chairman of the CFTC in July 2017, after which his term expired in June 2021 and was unanimously confirmed by the Senate. The president appointed him a second time.

Por CryptoNews

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