CFTC Chairman Rostin Behnam has argued that regulations are not always negative for Bitcoin. The leader said the crypto could “double in price” despite the CFTC’s regulations.
Rostin Behnam says Bitcoin price could double despite regulations
The Commodity Futures Trading Commission (CFTC) is a US agency that regulates derivatives markets. It is known as the institution that wants to have more power over the crypto money market with the SEC. CFTC Chairman Rostin Behnam has recently started work on a comprehensive cryptocurrency bill. Speaking in an interview with the New York University Law Department on Wednesday, Behnam underlines that regulations do not always mean negativity. According to Behnam, the market leader Bitcoin could double its price under regulation. In his own words:
Growth can happen if we have a well-organized space. If there is a market regulated by the CFTC, the price of Bitcoin could double.
President Says Bitcoin and Other Cryptos Will Grow Under CFTC Regulation
Behnam is stepping up work for his office to lead crypto regulation. The head of the CFTC added that a clear regulatory framework for crypto would attract more institutional investors as well as boost the price of Bitcoin. He explained that existing institutions see “great opportunity for entry that will only happen if there is a regulatory structure.” The manager adds:
non-bank [kripto] institutions thrive on regulation, thrive on regulatory certainty, thrive on a level playing field. And they might argue otherwise, arguing about the type of editing – but what they love most is editing because they’re the smartest, fastest, and best resourced. With attribution, they can beat anyone in the market.”
Also, the president announced his support for a bipartisan bill by Senate Agriculture Committee leaders. The bill licenses the CFTC as the primary regulator for the entire crypto industry. Furthermore, the proposal expanded the Commission’s mandate to oversee crypto spot markets. It also required exchanges to be registered with an agency. Finally, these provisions will put an end to the long-standing fight between the SEC and the CFTC regarding the crypto space. According to Behnam;
We are money confiscated by Congress right now, and this has put us in a position where we feel constantly nervous about how much money to allocate. We still feel the scars and scars of five or six years of fixed funding.
CFTC’s position on crypto regulation
It’s okay to know that in July Benham said that cryptos will be an integral part of mainstream financial portfolios in the US in the future. cryptocoin.comAs you follow, the head of the SEC recently said that his agency will take on crypto regulation in the future. More recently, Benham said he has already authorized the CFTC to begin preparing to become the leading and fully funded regulator for a significant portion of the cryptocurrency industry. Meanwhile, the SEC is also trying to assert itself as the main crypto regulator.
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