CFTC chair Rostin Behnam told Congress there is an urgent need for legislation that can provide regulatory clarity for the crypto industry to ensure investors are appropriately protected.
Behnam made the statement during his testimony before the House Agriculture Committee on March 6 that primarily focused on the C FTC’s fiscal year 2025 budget request.
Behnam said:
“The notion that crypto is going away is a false narrative.”
He added that more than 49% of the CFTC actions filed during the 12 months ending October 2023 involved conduct related to digital assets despite the fact that “no federal agency retains direct regulatory authority” over the crypto industry.
Framework in 12 months
During the hearing, Behnam spoke about the challenges and opportunities presented by digital assets, like Bitcoin (BTC) and Ethereum (ETH), which represent a significant portion of the crypto market’s total capitalization.
He said there is a false perception among regulators and lawmakers tha
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