CFTC proposed to expand the authority of the department in terms of regulation of cryptocurrencies

CFTC proposed to expand the authority of the department in terms of regulation of cryptocurrencies

CFTC Candidate Rostin Benham, at a hearing in Congress, proposed to put the department with the status of the main federal regulator in the cryptocurrency market.

Today at 10:00 am et: #senateag Will Hold a Hearing to Consider The Nomination of Rostin Behnam to Be Chair and Commission of the Commodity Tradures Trading Commission. Watch Live: https: // t.CO/G42HMLNUJX

– Senate AG, Nutrition, & Forestry Committe Dems (@senateagdems) October 27, 2021

Benam spoke to the Committee on Agriculture, which oversaw CFTC. Legislators considered his candidacy as the chairman of the agency.

The acting head of the department pointed out a number of recent forced actions taken by the regulator, including the fines imposed on Tether and Bitmex.

“We were one of the few police officers on the front line due to limited powers. This is the tip of the iceberg. The total volume of the digital assets market reached $ 2.7 trillion. Of these, almost 60% – exchange products. The committee should consider the issue of expanding the powers of CFTC “, He said.

When asked about the feasibility of expanding CFTC tools, Benam proposed to form a regulatory framework.

“Given the scale of this developing market, potential risks for financial stability in the future, it is extremely important to decide on the main police officer. CFTC is ready to take on such a role “, He explained.

According to Benam, operations in the digital assets market form banking and prudent financial risks, as well as the risks of clearing and calculations.

Recall that the SEC head Gary Gensler has repeatedly noted that the vast majority of cryptocurrencies correspond to the status of a security.

In October, Bloomberg said that the commission will engage in the regulation of stablecoins.

The media recently reported that the administration of Joe Biden is considering the possibility of issuing orders for federal agencies. The document will oblige to study the crypto industry and submit relevant recommendations for supervision.

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