CFTC Chairman 'Encouraged' by Bill in Congress to Give the Agency More Crypto Oversight

Rostin Behnam noted the bill would allow the CFTC to assess fees on the industry.

AccessTimeIconJun 9, 2022 at 4:18 p.m. UTC
Updated May 11, 2023 at 4:56 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

AUSTIN, Texas – Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), said Thursday that he is “very encouraged” that Congress is making moves to grant his agency more authority over digital asset markets.

“It’s just a positive momentum, I think, for the technology, for the industry, for the economy,” Behnam said at CoinDesk’s Consensus 2022 in Austin, Texas,. “There are unique coalitions getting together on this issue, which is very rare in Washington.”

The CFTC – typically seen as a friendlier option than the U.S. Securities and Exchange Commission (SEC) to lead oversight of the industry – has been tackling a few policy questions, such as crypto exchange FTX’s bid to directly clear customers' derivatives, but it’s otherwise waiting for Congress to define its eventual role. That process took a major step earlier this week with the introduction of sweeping legislation from U.S. Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.)

A key aspect of that effort, Behnam said, is the power it gives the CFTC to assess fees on the industry, which would pay for new staff at the agency.

“It allows us to essentially do our job,” he said. “We have to evolve with markets. We have to evolve with technology.”

The recent meltdown of TerraUSD (UST) shows the need for regulation, Behnam said, noting the “terrific fall in price” of the algorithmic stablecoin.

“It validates what has been said, what I’ve said, for the past couple of years,” he said. “We need to put guardrails around the space.”

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jesse Hamilton

Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.