According to CFTC Chairman Rostin Behnam, the cryptocurrency market wants some kind of regulatory framework. Behnam made his remarks on Monday during a podcast hosted by the Intercontinental Exchange.
CFTC Chairman: It is necessary to regulate the cryptocurrency market!
Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), spoke about the crypto market in a podcast this week. Behnam said that something needs to be done to regulate the cryptocurrency market. He also noted that the “solution” is for Congress to pass the law. During a podcast hosted by the Intercontinental Exchange, Behnam made the following comments, citing fraud and manipulation concerns:
The market seems to want some kind of regulatory framework. You can predict that institutional demand will likely increase if there is a clear regulatory framework. But for me, we’re thinking about retail engagement, definitely thinking about our practice history over the decade before me. And I think that’s pretty clear evidence that something needs to be done.
Some bills are ready to regulate crypto
Lawmakers drafted and passed some bills to regulate cryptocurrencies. One of them is set to be voted on in the House, giving the CFTC more power. “21. The bill, titled “The 21st Century Adaptation Act,” is led by House Republicans who say the bill will bridge the gaps between the CFTC and the Securities and Exchange Commission.
Are cryptocurrencies commodities or securities?
SEC Chairman Gary Gensler says that legislation is not required and current securities laws regulate crypto. However, Gensler notes that most cryptocurrencies are securities. Meanwhile, Rostin Behnam said in his statement that 70 percent of the market is commodities.
“The solution is to get legislation out of Congress to fill the gap around commodity tokens,” Behnam said in a podcast with ICE Chief Communications Officer Josh King. Behnam stated that both institutions should work together to regulate the cryptocurrency market. In this context, he made the following statement:
Questions, hearings, and flagging from members of Congress encourage me. One or two of these happened last week. I think it has been clearly realized that if we don’t do something collectively, we will continue to experience these crises. We will continue to experience customer losses.
Delisting bitcoin futures
Josh King and Rostin Behnam also talked about Bitcoin products on Monday. King said that some Bitcoin futures contracts were recently delisted. “Interestingly, we removed futures contracts for Bitcoin from Bakkt this week. We thought there would be a market, but it didn’t,” he said. Meanwhile, as you follow on Kriptokoin.com, cryptocurrency exchange Coinbase received regulatory approval this week to offer crypto futures trading services to eligible customers in the US. The comments in question came after this development.
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