CFTC Chairman Rostyn Behnam said the agency intends to strengthen its compliance team and tighten regulation of the crypto industry this year.
U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said the agency is ready for a new fiscal year and significant activity in the cryptocurrency industry. Along with the recovery of the cryptocurrency market, Behnam expects in 2023 an increase in the burden on the agency to investigate violations of participants in the cryptocurrency industry.
He clarified that in the past year, about 20% of CFTC court cases were related to digital assets and brought to court. Therefore, for 2023, the agency is planning a budget increase to support the growth of law enforcement and industry watch teams.
Behnam promised to use all the powers of the Commission in the fight against illegal crypto transactions and tighten the regulation of digital asset trading. The CFTC chairman urged parliamentarians to quickly create a regulatory framework for digital assets, as the effects of an uncontrolled crypto sector could spill over to the rest of the financial system.
Earlier, US Commodity Futures Trading Commission member Christy Goldsmith Romero called on Congress to ban newly licensed cryptocurrency exchanges from certifying products for listing themselves.
Source: Bits
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