Regulation
CFTC Chairman Behnam Plans Crypto Regulatory Actions
The US Chairman of the CFTC, Rostin Behnam, considers regulatory measures to be among the highest priority tasks. Behnam, Chairman of the CFTC sharing these ideas at the Milken Institute Global Conference in Los Angeles. He believes that crypto companies could be the main targets of enforcement actions over the next 6 to 24 months.
🚨NEW: President of the CFTC @CFTCbehnam says that in the next 6 to 24 months we will see another round of enforcement measures in the #crypto space while there is no regulatory framework and assets are appreciating and there is renewed interest from retail investors and entrepreneurs. pic.twitter.com/LLZ6ypygHJ
– Eleanor Terrett (@EleanorTerrett) May 6, 2024
Behnam points out that the versatility of the cryptocurrency market, finance and capitalization size attract investors and further stimulate innovators. He emphasized the need for regulatory transparency and laws as alternative legal means of protection rather than legal action by regulatory entities.
American retail platform Robinhood has obtained a Note on wells from the United States Securities and Exchange Commission, SEC, suggesting that there could be enforcement action against its crypto trading. Additionally, blockchain company Consensys also faced a Well Notice from the SEC as well as a summons for Ethereum transactions.
Some of the growing efforts by lawmakers to fill the regulatory void are offset by numerous hurdles that make the process of passing crypto-related bills complex. Over the past year, federal leaders have faced regulatory uncertainty and debate over which agency would take charge of cryptocurrencies, either the CFTC or the SEC.
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