The Commodity Futures Trading Commission (CFTC) stated that it could take years for crypto laws to be enforced.
The head of the CFTC spoke on the subject. Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), stated that the process of implementing new rules for digital assets will take time.
CFTC Chairman Says Crypto Rules Will Take Time
Bankruptcies in the cryptocurrency industry over the past year have pushed regulators to speed up laws. However, institutions continue to work for regulations. However, this statement was made after the SEC sued two major exchanges.
Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), stated that the process of implementing new rules for digital assets will take time. Behnam said the new rules could take at least one to two years, even if more funding is provided to Congress. The current mandate of the CFTC only covers regulating derivatives of digital assets such as bitcoin and ether. Behnam noted that more powers are needed to regulate non-secure digital tokens.
The CFTC has been known to struggle with limited acceptance by Congress despite requests for more funding. However, further powers will be given to the CFTC if a new law is passed and makes digital assets commodities.
The collapse of crypto platforms like FTX, Celsius, Voyager, and Terra-Luna over the past year has highlighted the need for regulators to increase regulation around digital assets. Therefore, the House Agriculture Committee and the House Financial Services Committee are working on new legislation that will give the CFTC more power.
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