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Federal Cryptocurrency Legislation Needed to Protect Investors and U.S. Financial System from Future Risks, CFTC Chairman Says
The chairman of the Commodity Futures Trading Commission (CFTC) says the United States needs a regulatory framework to protect the public from the risks associated with cryptocurrencies.
In his testimony Ahead of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry hearing on digital commodity oversight, Rostin Behnam criticized Congress for failing to fill the regulatory void around cryptocurrencies.
“What has concerned me most as this digital asset class has grown is that while ordinary Americans have been victimized by one digital asset scam after another, there has been no definitive legislative response.”
Behnam believes the CFTC should be granted new legislative authority given the dangers posed by an unregulated crypto market. He believes Congress should act quickly so regulators can provide basic protections for customers.
“As the digital asset market continues to integrate with traditional financial institutions, concerns about the resilience of the broader market and perhaps even financial stability will grow. In short, our current trajectory is unsustainable.”
Inaction, he said, will not reduce public interest in digital assets and will only increase risks for investors and financial markets.
“Federal legislation is urgently needed to pave the way for a regulatory framework that will protect American investors and potentially the financial system from future risks.”
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