Joe Biden announced his nominations to fill the vacant seats on the US Commodity Futures Trading Commission (CFTC) on September 14. Rostin Benham, who is currently acting as Vice President, is also Biden’s new CFTC Presidential nominee.
While candidates are expected to be elected given the Democrats’ majority in the Senate, crypto investors are starting to wonder what these candidates think about cryptocurrencies.
Biden’s presidential candidate, Rostin Benham, served under crypto-friendly ex-president Giancarlo. He has also attracted attention with his statements about cryptocurrencies in the past.
Part of Benham’s speech in 2018 is as follows;
“CFTC Has Full Authority
These include “smart” contracts that calculate payments in real time, and distributed ledger technologies that can challenge traditional market infrastructure over time. They are transforming the world around us, and it’s no surprise that these technologies are having an equally transformative impact on the US equity and derivatives markets.
The CFTC has both regulatory and enforcement authority under the CEA over derivatives on virtual currencies traded in the United States.
Under CEA and Commission regulations and related guidance, exchanges have a responsibility to ensure that Bitcoin futures products and cash settlement processes are not easily manipulated and that the business has sufficient capital to protect itself. The CFTC has the authority to ensure compliance. In addition, the CFTC has statutory authority over virtual currency derivatives to support fraud and manipulation prevention, including enforcement in underlying markets.
We Should Raise Public Awareness About Manipulations
I would like to add a comment about education. This is an important aspect of our business. It is our duty to educate the public, to inform them about volatility, temptations, the potential for fraud and the consequences of trading in virtual assets. This training must be done on a large, perhaps unprecedented scale.
“Blockchain Is More Than Technology”
Blockchain is more than technology: it is an advancement that reaches every facet of life. We can use blockchain to address the most fundamental problems on our planet: corruption, income distribution, poverty, food and healthcare. And we can use it to combat the fears that billions of people experience every day as they try to survive.
When I was a little kid, I used to come to this building to look for solutions to the world’s problems. Now, today, we may have found one of these solutions – bigger, bolder, more comprehensive and more effective than anything ever imagined. And as an organizer, I’m happy to be a part of your discussion.
We discussed the most fundamental issues through the prism of an emerging technology. I am with you in our quest – our struggle – to find solutions that bring the human face of this technology.”
Their Approach Is Similar To Gensler
We see that the new Presidential candidate has a positive belief in Blockchain technology. It’s important that Benham sees this technology as the key to solving many problems.
Because this approach will ensure that regulatory actions towards cryptocurrencies will not undermine the industry and technological progress.
We see that Rostin Benham’s approach is similar to that of Biden’s SEC chairman, Gary Gensler. “Combat manipulations and fraud and protect investors without impeding technological progress”
After the new CFTC president is elected, we will be watching what moves will be made towards the crypto money markets.
New Candidates Have Cryptocurrency Background
It was stated that both candidates nominated by Biden for membership have a close background in cryptocurrencies.
Former CFTC counsel Attorney Daniel Davis said of Kristin Johnson and Christy Goldsmith Romero:
“Both have taught law school courses related to crypto. Ms. Johnson has also written extensively on issues such as financial services regulation and how decentralized finance (DeFi) can fit into the existing regulatory structure with some innovative ideas. If approved, crypto-related issues are expected to form a significant part of their agenda.”