CFTC chairman Rostin Behnham spoke about working to help regulate crypto.
While the regulation of cryptocurrencies has become a worldwide debate, the head of the CFTC made statements on the subject in a podcast he attended. President Behnham made statements about working to help regulate crypto.
CFTC ready to help regulate crypto
Rostin Behnam, head of the Commodity Futures Trading Commission (CFTC), stressed that cryptocurrencies need to be regulated. Noting that the crypto market wants some kind of regulatory framework, Behnam stated that crypto regulation can be achieved by passing legislation.
“The market seems to want some kind of regulatory framework,” Behnam said during a podcast. “If there was a clear regulatory framework, you can predict that institutional demand would likely increase,” he said. At the same time, he stressed that retail involvement should be considered and measures should be taken to address fraud and manipulation concerns.
Members of Congress drafted bills giving greater powers to the CFTC, and some were passed. “21. The bill, called “Compliance with the 21st Century Law,” aims to bridge the gap between the CFTC and the Securities and Exchange Commission.
SEC Chairman Gary Gensler stated that most cryptocurrencies are securities, while Behnam stated that 70 percent of the market is commodities. Behnam said that the gap created around commodity tokens needs to be filled and stressed that the CFTC and SEC should work together.
