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Approach to Crypto Regulation is More Proactive: CFTC Chair

Godfrey Benjamin   Jul 27, 2022 07:00 2 Min Read


   

The Chairman of the United States Commodity Futures Trading Commission (CFTC) has revealed that the commission is more than ready to commit to regulatory oversight of the digital currency ecosystem as the industry evolves. 

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Rostin Behnam re-emphasized this commitment while giving a keynote address at the Brookings Institution Webcast on The Future of Crypto Regulation.

In the speech, Behnam said the commission had done much to permit the crypto industry to innovate at a healthy pace while enforcing guidelines that foster responsible product creation and market engagement.

While there is obviously more work to be done, Behnam said he is “encouraged by the bipartisan and bicameral support for legislation that recognizes the need for guardrails around the burgeoning digital asset economy and calls for regulation to impart transparency, accountability, stability, customer protections, and oversight across the crypto verse.”

Looking forward, the CFTC chair said the commission would be providing oversight to the crypto industry in a proactive manner with the tools that are currently available. To this end, Behnam announced that the LabCFTC unit of the commission, established by former Chairman Christopher Giancarlo will be rebranded as the Office of Technology Innovation (OTI) with an updated operating model.

“OTI will continue to lead the CFTC’s efforts in incorporating innovation and technology into our regulatory oversight and mission-critical functions, and it will do so purposefully by supporting the operating divisions and the Commission’s participation in domestic and international coordination,” Behnam said.

The CFTC chairman also highlighted how the commission will enhance its education drive with the realignment of the Office of Customer Education and Outreach within the Office of Public Affairs.

As one of the core agencies regulating the financial markets in the US, the CFTC is also obligated to join the cause to develop a unique framework for the cryptocurrency ecosystem as instructed in President Joe Biden’s Executive Order.


Image source: Shutterstock

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