2 months ago
CFTC seat Rostin Behnam said the bureau is unfastened to serving arsenic a superior regulator for crypto during a Senate Agriculture Committee proceeding connected integer commodities oversight.
The hearing, held connected July 10, broadly acrophobic the CFTC’s petition for much regulatory authority.
Senator Roger Marshall asked Behnam whether it would beryllium “simpler” to marque the CFTC a superior regulator for integer assets portion leaving a tiny fig of “offshoots” for the SEC to handle.
Behnam responded:
“I talk for myself, [we] would beryllium blessed to bash that. I deliberation we person the capableness to bash that the expertise and the experience.”
However, Behnam said changes to definitions of securities and commodities would beryllium indispensable if the CFTC assumes superior authority.
Cooperation with SEC valuable
Earlier, Marshall asked Behnam whether helium supports the SEC having the quality to determine which assets autumn nether the CFTC’s jurisdiction.
Behnam said helium does not enactment the SEC making specified decisions unsocial but added that the 2 agencies person worked unneurotic to specify assets successful grey areas for astir 50 years.
Marshall besides asked whether the CFTC is acrophobic it whitethorn look lawsuits implicit conflicting plus designations. Behnam said helium “can’t accidental that it’s not going to happen,” but practice betwixt the SEC and CFTC volition assistance code caller ineligible questions.
Behnam acknowledged Marshall’s concerns that lawmakers could alteration specified lawsuits but stressed the request for a declaration listing strategy that matches the CFTC’s existing powers and allows practice with the SEC. Behnam said:
“I deliberation there’s a mode to physique a strategy of listing contracts that doesn’t prolong oregon hold the listing of contracts successful a regulated market.”
Behnam said the CFTC wants to present tokens and contracts to regulated markets “as soon arsenic possible” to trim oregon destruct capitalist risks.
Most
Behnam believes that a important information of the crypto marketplace should autumn nether the CFTC’s purview arsenic it cannot beryllium classified arsenic securities. During the hearing, Behnam said that much than 70% to 80% of the crypto marketplace does not autumn nether the class of securities, leaving the country with nary nonstop national oversight.
He said the CFTC needs astatine slightest $30 cardinal successful the archetypal twelvemonth and astatine slightest $50 successful the 2nd twelvemonth to found a regulatory regime. The backing would spell toward staffing, administration, and IT spending. User fees submitted by registrants would offset requested funds.
Behnam besides affirmed Senator Cory Booker’s concerns astir urgency, stating that if the CFTC does not summation authority, fraud and manipulation volition proceed to interaction individuals crossed the US.
The station CFTC ‘happy’ to go superior regulator for integer assets, reducing SEC relation – Chair Behnam appeared archetypal connected CryptoSlate.
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