Chairman of the U.S. Commodity Futures Trading Commission (CFTC) cryptocurrency He opposed those who thought he was a weak regulator from the Securities and Exchange Commission (SEC) in the field.
“Those Who Think We Are Mild Don’t Know Us”
“Those who describe us as mild-mannered do not recognize the CFTC,” President Behnam said Friday at the Financial Markets Quality Conference hosted by Georgetown University’s McDonough School of Business.
Behnam, CFTC chairman’s institution bitcoin and responded to a question describing a perception of regulatory “softness” that came as part of an effort to expand its jurisdiction over the cryptocurrency spot markets and other brokers.
Although it currently does not have direct jurisdiction over the digital asset cash markets, the CFTC has filed more than 60 enforcement actions against cryptocurrency-related projects, which Behnam cited as the reason for seeking more direct jurisdiction.
Behnam made the following statements in his speech:
“Each of these sanctions stems from customer complaints, whistleblowers, or reports we receive.
None of this is due to the surveillance tools or market surveillance tools we traditionally use in regulated markets.”
CFTC Demands More Authority in Cryptocurrency
Behnam said the adoption of legislation presented by Senate Agriculture Committee Chair Debbie Stabenow and backed by the committee’s top Republican, Senator John Boozman, would allow for more direct market surveillance.
The CFTC chairman continued:
“I have called for cash market jurisdiction in the digital asset and commodities area, and this will give us legislative power over the cash markets. These will be trading platforms, brokers or brokers. These will include custodians, potentially repositories, and this core infrastructure and components of markets.”
The other major regulator was the Securities and Exchange Commission, led by Gary Gensler, who at the same conference had previously offered support for expanding the CFTC’s mandate to spot markets.
*Not investment advice.
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