United

Chair

<div class="cryptonews"> 
 <p class="is-style-lead">At the Futures Industry Association Expo 2023 conference, Rostin Behnam, the head of the US Commodity Futures Trading Commission (CFTC), emphasized the need for a robust regulatory framework in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry. </p> 
 <p>Behnam noted that the CFTC’s Enforcement Division has issued 131 monetary awards since 2015, with 45 related to digital <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> fraud, constituting approximately 34% of the total.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“If you require an analogy, think about whether you would be comfortable on the road if only some individuals were required to have a drivers’ license, or whether, given the choice, you would entrust your healthcare to an untrained, or unlicensed physician.”</p> 
  <p></p> <cite>Rostin Behnam, CFTC Chair</cite> 
 </blockquote> 
 <p>In his assessment, roughly 70% of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies be designated as <a rel="noopener noreferrer nofollow" title="commodities" href="https://thebittimes.com/tag/commodities.html">commodities</a>. Accordingly, he called upon Congress to establish definitive regulations for digital <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> and broaden the CFTC’s jurisdiction in this regard.</p> 
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 <p>Behnam stressed the importance of regulating decentralized finance (defi), drawing a parallel to “unlicensed doctors.” </p> 
 <p>He had earlier sought enhanced authority from the US House of Representatives due to concerns related to exchange failures, market manipulation, and cybersecurity vulnerabilities.</p> 
 <p>Despite these concerns, laws governing <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> is still being developed in the United States. Meanwhile, the Securities and Exchange Commission (SEC) plans to amend rules, requiring protocols to register as exchanges or brokers.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cftc-chair-wants-defi-regulated-says-70-of-crypto-assets-are-commodities-tbt65057.html">https://thebittimes.com/cftc-chair-wants-defi-regulated-says-70-of-crypto-assets-are-commodities-tbt65057.html</a></p>

CFTC chair wants defi regulated, says 70% of crypto assets are commodities

TheBitTimes

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