CFTC Chairman reiterates importance of regulation for cryptocurrencies

CFTC Chairman reiterates importance of regulation for cryptocurrencies

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by dapp_writer005

4 years ago

The head of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, spoke at the DC Fintech Week conference, where he noted that Bitcoin and Ethereum belong to commodities. Also, he mentioned that the creation of new solutions will not be an opportunity for users of the cryptocurrency industry to bypass regulation for free.

Nowadays, the jurisdiction of the CFTC deals with derivatives and futures, but does not affect the spot markets. In July, the creation of a department to deal with regulatory issues was announced. Later, bills were submitted by Senators Cynthia Lummis and Kirsten Gillibrand in this case.

In August of this year, American entrepreneur Sam Bankman-Fried supported the idea of giving the commission the authority to regulate the management of the crypto market. This will give you the rights to work with any invoices, agreements and contracts, related to digital goods.

Recall that earlier Rostin Benham noted the importance of creating a regulated space for the future of the crypto industry.

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