The cryptocurrency market is awash with new steps from the regulators. Rostin Behnam, chairman of the US Commodity Futures Trading Commission (CFTC), announced in his new statements that the regulation of DeFi altcoins and decentralized exchanges will be carried out by the CFTC or SEC in the near future! Here are the details…
CFTC Chairman Rostin Benham points to regulations for DeFi altcoins!
The cryptocurrency market continues to trade sideways with the news that new regulations are approaching. CFTC chairman Rostin Benham discussed crypto regulations in an interview with Bloomberg. DeFi altcoins will essentially need to register with the CFTC if DeFi products offer derivatives to US customers, according to the CFTC chairman, who referred to smart contracts written by anonymous developers. Here are the words of Rostin Benham:
“There is no institution, no individual, only code. You can’t edit it, it’s kind of self-acting” is easy to say. However, this consists of completely wrong questions. What matters is what is offered as a product to US customers and what are they exposed to? Who is the individual or group of individuals who created that entity, that code to offer these products?
Following these remarks, CFTC Chairman Rostin Benham said, “If you are going to offer derivatives to US customers, there is a well-developed, mature legal basis and requirements to comply with the law.” added, and pointed to regulatory action. On the other hand, today a law firm filed a legal notice on chain to anonymous meme coin developers via NFTs. So, what changes will the CFTC bring in the near future?
Regulations for the cryptocurrency market are very close!
As we quoted as Kriptokoin.com, the head of the CFTC believes that the USA has a comprehensive regulatory system where each institution has its own responsibilities. When asked who should regulate the crypto industry, Behnam replied, “It really depends on what kind of asset they are regulating. For crypto, we should use the same playbook we’ve used in the past when thinking about a policy we’ve created.” in his words. While Behnam clarified that organizations providing exchange services must register with the CFTC, the Securities and Exchange Commission (SEC) has not fully clarified crypto regulations.
Gary Gensler, Chairman of the US Securities and Exchange Commission, on the other hand, believes that rules for crypto regulations already exist. However, recently, all 27 members of the European Union approved MiCA legislation for crypto regulation.
Which altcoins might be affected by the upcoming regulations?
DeFi altcoins took action as CFTC Chairman Rostin Benham pointed to the regulations. While the market is moving with the explanations, the 25 largest DeFi altcoins by market capitalization are as follows:
- Avalanche (AVAX),
- Dai (DAI),
- Wrapped Bitcoin (WBTC),
- Chainlink (LINK),
- UniSwap (UNI),
- Internet Computer (ICP),
- Lido DAO (LDO),
- The Graph (GRT),
- Phantom (FTM),
- Rocket Pool (RPL),
- Aave (AAVE),
- Theta Network (THETA),
- Stacks (STX),
- Conflux (CFX),
- Tezos (XTZ),
- Curve DAO (CRV),
- Maker (MKR),
- Synhtetix (SNX),
- Terra Classic (LUNC),
- Frax Share (FXS),
- Injective (INJ),
- Kava (KAVA),
- Loopring (LRC),
- ThorChain (RUNE),
- PancakeSwap (CAKE).
42048
