Commodity Futures Trading Commission Chairman Rostyn Behnam called on the US Congress to allocate $100 million and give the CFTC the authority to regulate the spot markets for cryptocurrencies.
At a Congressional hearing on Feb. 9, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said oversight of crypto derivatives is costly and called on the Senate Agriculture Committee to allocate an additional $100 million for proper oversight of crypto markets. According to him, the money will be used to “build up internal expertise for stricter compliance with the law.”
He told how the spot markets of cryptocurrencies are now regulated at the state level. The CFTC oversees the cryptocurrency derivatives markets, while the Securities and Exchange Commission (SEC) regulates crypto assets that are recognized as securities, as well as stocks and funds.
“We have passed the stage when digital assets and decentralized financial technologies were a research project with no impact on the future. Cryptocurrencies are at the center of our attention right now, in addition to our traditional oversight and enforcement responsibilities. The CFTC is well positioned to play a larger role in overseeing the cryptocurrency spot market,” Behnam said.
The CFTC chairman added that the Commission does not currently have sufficient experience to properly oversee the cryptocurrency industry. He admitted that to date, his department does not have enough resources or knowledge to monitor and protect against cyber attacks in the cryptocurrency industry.
Recall that last month, Congressman Patrick McHenry approached his colleagues from the Financial Services Committee with a proposal to independently develop rules for regulating cryptocurrencies in the United States. From a letter sent by a member of the House of Representatives to committee chairman Maxine Waters, it follows that parliamentarians should not cede decisions about crypto assets to regulators like the SEC and CFTC or the judiciary.
Source: Bits
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