• CFTC head Rostin Behnam has called on the new Congress to pass legislation to regulate non-security tokens.
• He believes regulation is necessary to protect customers and prevent failures in the domestic and global financial markets.
• The CFTC has already brought 69 crypto-related actions and is working toward more precedent-setting cases.
CFTC Head Calls for Crypto Regulation
The Commodity Futures Trading Commission (CFTC) Chairman, Rostin Behnam, has called on the new US Congress to take action on regulating non-security tokens. He believes that regulation is essential in order to protect customers and prevent failures in the domestic and global financial markets.
CFTC’s Previous Crypto-Related Actions
The CFTC has already taken 69 crypto-related actions against companies such as FTX, Ooki DAO, and others. It is also looking into bringing further precedent-setting cases forward this year.
Technical Assistance from CFTC
Behnam also mentioned that he would continue to provide the necessary technical assistance for draft legislation requests from lawmakers if needed. Furthermore, he suggested that budget increases for the commission would help grow its enforcement team as well.
Importance of Crypto Regulation
Behnam stated that bankruptcies, failures, and runs are part of his justification for U.S Congress to give the CFTC authority over cryptocurrency regulations. He believes it is important for them to act now so these issues do not arise in 2023 or 2033 when they cannot be contained within any boundaries across markets anymore.
In conclusion, CFTC Chairman Rostin Behnam has urged the new US Congress to take action with regards to regulating non-security tokens in order to protect customers and prevent future market issues from arising uncontrollably across boundaries across all markets in years ahead.