Bringing crypto market 'into the light' doesn’t address enforcement: CFTC chair
"Bringing this market into the light ... will only allow us to see what’s going on underneath the hood," said Rostin Behnam. Commodity Futures Trading Commission chair Rostin Behnam is looking to members of Congress to address the Commission’s lack of enforcement authority in the digital asset space.At a Wednesday hearing titled “Examining Digital Assets: Risks, Regulation, and Innovation,” Behnam told lawmakers with the Senate Committee on Agriculture, Nutrition, and Forestry that the CFTC’s authority was currently limited to addressing fraud and themanipulation of digital assets without....
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"We’ve got a lot of casinos here in the Wild West, and the poker chip is these stablecoins at the casino gaming tables," said Gary Gensler. U.S. Securities and Commission, or SEC, chair Gary Gensler has doubled down on his “Wild West” analogy for cryptocurrencies, calling stablecoins instruments for gambling at old-timey casinos. Speaking to Washington Post columnist David Ignatius on Tuesday, Gensler said most projects in the crypto space dealt with securities that fall under the regulatory purview of the SEC, while the Commodity Futures Trading Commission, or CFTC, was better suited for....
In a recent interview at Coinbase’s State of Crypto Summit, the Commodity Futures Trading Commission (CFTC) Acting Chair shared the future of the agency’s crypto regulation under the pro-industry administration. Related Reading: A ‘Threat To Privacy’? US Senators Question Meta’s Stablecoin Plan In New Letter CFTC Won’t Criminalize Crypto On Thursday, CFTC’s acting chair, Caroline Pham, […]
The CFTC chair said that the Ethereum blockchain’s transition to proof-of-stake, despite reducing energy usage by more than 99%, may not go far enough in resolving the problem. Rostin Behnam, chair of the United States Commodity Futures Trading Commission, or CFTC, said the Ethereum blockchain’s transition to proof-of-stake may help reduce crypto’s energy usage, but hinted legislation would likely still be needed to address the problem.Speaking at a Thursday hearing before the Senate Agriculture Committee, Behnam addressed a question from Minnesota Senator Amy Klobuchar, who brought up the....
On Tuesday, Acting Chair Caroline Pham of the US Commodity Futures Trading Commission (CFTC) announced a significant initiative aimed at enhancing guidance on crypto regulation. This initiative involves seeking nominations for the newly formed CFTC CEO Innovation Council, with a submission deadline set for December 8. During her prepared remarks, Pham emphasized that the council […]
The Commodity Futures Trading Commission (CFTC) says 20% of its enforcement actions were aimed at the digital assets market in the 2022 fiscal year. The U.S. commodities regulator certainly doesn’t want to look like it's going easy on crypto, revealing it was behind 18 separate enforcement actions targeting digital assets in the 2022 fiscal year. In an Oct. 20 report from the Commodity Futures Trading Commission (CFTC), a total of 82 enforcement actions were filed in 2022’s fiscal year, imposing $2.5 billion in “restitution, disgorgement and civil monetary penalties either through....