The chairman of the Commodity Futures Trading Commission (CFTC) says the US needs a regulatory framework to protect the public from the risks associated with crypto.
In his testimony before the U.S. Senate Committee on Agriculture, Nutrition and Forestry’s hearing on the oversight of digital commodities, Rostin Behnam criticized the congress for failing to fill the gap in crypto regulation.
“What has concerned me most throughout the expansion of this digital asset class is that while everyday Americans fall victim to one digital asset scam after another, there remains no completed legislative response.”
Behnam says the CFTC should be given new legislative authority given the dangers posed by an unregulated crypto market. He says Congress should act quickly so regulators can provide basic customer protection.
“As the digital asset market continues to integrate into traditional financial institutions, concerns regarding broader market resiliency and perhaps even financial stability will ripen. In short, our current trajectory is not sustainable.”
He says inaction will not quash public interest in digital assets and will only result in greater risk to investors and the financial markets.
“Federal legislation is urgently needed to create a pathway for a regulatory framework that will protect American investors and possibly the financial system from future risk.”
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