Cryptocurrency Prophecy from CFTC Chairman Rostin Behnam: “It’s a Matter of Time!”

Rostin Behnam, Chairman of the Commodity Futures Trading Commission. cryptocurrencies He claimed it was “just a matter of time” for him to return to the crash that last spring.

Behnam Claims Cryptocurrency Crash Like Last Spring Is “A Matter of Moment”

Rostin Behnam expressed his thoughts on the subject as follows:

“We can remember what happened with Celsius and some other funds that exploded with Three Arrows last spring.

I know a lot of this leverage is unraveled, we have a much tighter trading range in the crypto space, but it’s only a matter of time before it accumulates and regenerates, and next time I’d rather be ahead than behind.”

Behnam spoke at the annual meeting of the Securities Industry and Financial Markets Association in New York.

Behnam is the agency’s direct authority with broader authority over crypto markets currently under consideration by Congress. bitcoin He made the final call for legislation that would allow him to directly oversee and set rules on the spot markets of digital commodities such as

The head of the CFTC noted that the structure of cryptocurrency brokers is “fraught with potential disasters” because it combines a number of tasks that crypto exchanges typically need to divide:

“A local exchange in the crypto space is probably an exchange, a distributor, a custodian, and a bank, all in one. Is not it? I mean, think about it in traditional finance, there’s a lot of conflict, we don’t allow that. This is the kind of thing we need to fix.

This raises many interesting policy questions about market structure. That’s why I think we need to be very active in creating a policy framework that isn’t too different from what we have now in our traditional market spaces.”

The bill, which was discussed in the Senate Agriculture Committee and envisioned giving Behnam and his institution direct authority over the crypto spot markets, received support from FTX CEO Sam Bankman-Fried and his company, while it was met with skepticism, if not opposition, from some developers and lobbyists in the digital asset industry.

*Not investment advice.