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April 12, 2024
Regulatory News

CFTC Chair calls on Congress to fill gap in crypto regulation

Chairman of the Commodity Futures Buying and selling Fee Rostin Behnam once more asks the U.S. Congress to take energetic motion in crypto regulation.

Throughout his annual testimony earlier than the Home Agriculture Committee on March 6, Behnam identified the necessity to move laws relating to the jurisdiction of regulators within the crypto trade.

Pointing to Bitcoin’s (BTC) current rise, Behnam emphasised the necessity to “fill the hole in crypto regulation.” In response to Behnam, anticipating “one other interval of irrational exuberance” is an understatement.

“We have to act; Congress must act to fill this hole, particularly round Bitcoin, which is a commodity.”

Rostin Behnam, CFTC Chair

Behnam spoke in regards to the Monetary Innovation and Know-how for the twenty first Century Act (FIT Act). If Congress passes the FIT invoice, the Commodity Futures Buying and selling Fee (CFTC) can create a regulatory framework for crypto regulation inside 12 months, Behnam famous.

In July 2023, the U.S. Home Monetary Providers Committee voted on new cryptocurrency laws. Most legislators voted in favor of two important legal guidelines: Monetary Innovation and Know-how for the twenty first Century Act and a regulatory definition of blockchain expertise.

The first goal of the regulation is to create a regulatory framework for digital belongings, make clear the jurisdiction of the CFTC and SEC, deal with the issuance of stablecoins, taxation of digital belongings, and client safety.

U.S. Treasury Secretary Janet Yellen additionally mentioned the potential dangers related to stablecoins’ instability, the specter of capital, and token volatility. Yellen requested Congress to move laws to resolve these issues, primarily regulating stablecoins and the spot marketplace for crypto belongings not categorized as securities.

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