Speaking at the Futures Industry Association Expo 2023 on Oct. 2, U.S. Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam reiterated his stance on the urgency of implementing a substantial regulatory framework in the burgeoning cryptocurrency market.
Behnam’s comments are among the firmest to date in a series of calls for greater attention to updating policy frameworks to more adequately regulate the digital asset industry. These comments are in stark contrast to view from Behnam’s counterpart at the Securities and Exchange Commission, Gary Gensler, who has maintained that the securities laws currently on the books are sufficient to regulate the industry.
According to Behnam, the CFTC’s Division of Enforcement has obtained orders imposing more than $6 billion in monetary relief in the past fiscal year. Among these actions, 45 were related to digital asset misconduct, accounting for over 34% of the 131 such actions initiated by the Commission since 2015.
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