CFTC Chairman Says They Can Be Stricter Than SEC On Cryptocurrencies!

Commodity Futures Trading Commission (CFTC) head Rostin Behnam, cryptocurrency industry’s CFTC SECHe said he was very uncomfortable with the perception that it was a friendlier regulatory body than .

CFTC Chairman Behnam Doesn’t Want His Institution To Become An Easier Regulator For The Crypto Industry

Speaking at a panel held by law firm Lowenstein Sandler in New York City, Behnam said she “was very angry when people started talking about the CFTC as a more moderate regulator.”

He added that his institution’s greatest achievement is its track record in crypto-related enforcement actions.

Many in the crypto industry have long perceived the CFTC as more crypto-friendly than its sister agency, the U.S. Securities and Exchange Commission (SEC), which has been accused of sanctioning regulation led by President Gary Gensler.

However, this perception has begun to wane recently as the CFTC ramps up crypto-related enforcement actions. The agency stated that it would not hesitate to introduce stricter rules from the SEC.

In particular, the CFTC’s recent lawsuit against anonymous members of a decentralized independent organization (DAO) has brought the CFTC the same criticism that is often leveled against the SEC, namely that it went over the law to regulate the burgeoning crypto industry through sanctions.

Under Behnam’s leadership, the CFTC is increasingly putting pressure on crypto crimes. More than 20% of all enforcement actions by the agency in fiscal year 2022 were against crypto assets.

Two bills currently under consideration by Congress aim to expand the CFTC’s power to regulate the crypto spot market (increasing its financial capability).

Behnam, who openly supports both bills, said in a statement that the additional powers and resources will allow the institution to root out fraud and manipulation in the market.

*Not investment advice.