Cryptocurrency adoption rate in their units does not go unnoticed by US regulators. Increased adoption in 2021 continues despite the crypto winter.
Rostin Benham, chairman of the US Commodity Futures and Trading Commission (CFTC), who saw the change and transformation in financial institutions, drew attention to this growth in a meeting he attended.
In his keynote address at the Brooking Institution, Benham noted that Americans’ growing interest in digital assets could become mainstream in the future.
“We are here today because we see surveys showing that one in five adults invest in or otherwise use cryptocurrencies. Digital assets tend to be a mainstream part of American portfolios.”
Stating that the growth trend continues despite the current crypto winter, Benham said that there is a need for a technology-independent regulatory approach that will eliminate the risks in the crypto ecosystem.
Stating that the CFTC is well equipped in this regard, Benham said:
“Although less publicly, the CFTC’s efforts on digital assets have evolved with the market and we are making a proactive and comprehensive effort to regulate these markets with the tools we currently have available.”
It is not yet clear who will regulate cryptocurrencies in the USA and which institution will be under the control. But regardless of altcoins Bitcoin is a commodity that falls under the mandate of the CFTC. opinion weighs heavily.