CFTC head looks to new Congress for action on crypto regulation

Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said the agency will continue its efforts to regulate non-security tokens.

In a statement released at an American Bar Association event on February 3, Behnham sharp Against “bankruptcy, failure and execution” as part of the justification for Congress to give the CFTC powers to deal with regulation of cryptocurrencies. The CFTC chair said the committee was “well positioned” to address regulatory gaps, but left it to U.S. lawmakers to trigger legislation.

“Regulation is necessary to protect customers and prevent expected failures that cannot be contained within the boundaries of national and global financial markets,” Behnam said. “In 2023 or 2033 we must act, whether he is one or many. , will continue to provide technical assistance.”

According to the CFTC chair, an increase in the committee’s budget would also help expand its enforcement team, which has resulted in 69 crypto-related actions, including FTX, Ooki DAO, etc. “We are working towards a strong year of precedent-setting cases” for digital asset projects.

Related: CFTC accused of ‘blatant regulation by coercion’ over Oki DAO case

The political make-up of the 118th Congress is slightly different from previous Congresses, but it is unclear whether additional powers will be granted to the CFTC under Benham. One bill lawmakers may reconsider is the Lummis-Gillibrand Responsible Financial Innovation Act. The bill was first introduced in June 2022 with the aim of addressing his CFTC and Securities and Exchange Commission’s role in crypto regulation.