CFTC Chairman Affirms Need for Enhanced Crypto Regulation

IconCryptoNewsTerminal Staff13 Jun, 2024

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CFTC Chairman Affirms Need for Enhanced Crypto Regulation

The Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, has emphasized the need for expanded regulatory authority in the cryptocurrency market. Appearing before the Senate Appropriations Committee, Behnam acknowledged the CFTC's limited jurisdiction and called for additional funding to effectively oversee the sector. Despite the current limitations, Behnam highlighted the CFTC's track record of 135 crypto enforcement actions over the past decade. He stressed that the CFTC possesses the necessary expertise to police the crypto market and prevent fraud and manipulation. Behnam also discussed the potential application of existing KYC/AML rules to the crypto industry. He expressed his belief that the existing regulatory framework could be leveraged to enhance transparency and accountability in the crypto space. The CFTC Chairman's comments underscore the growing recognition among policymakers of the need for comprehensive crypto regulation. As the crypto industry continues to evolve, it is essential for regulatory bodies to keep pace and ensure consumer protection and market integrity.

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