
Rostin Behnam said at the Futures Industry Association Expo 2023 that it was crucial for the industry to implement a substantial regulatory framework in the burgeoning cryptocurrency market.
Behnam's remarks are among the firmest to date in a series of calls for greater attention to updating policy frameworks to more accurately regulate the digital asset industry. These remarks are in stark contrast to view from Behnam's counterpart at the Securities and Exchange Commission Gary Gensler, who maintains that the securities laws currently on the books are sufficient to regulate the industry.
The CFTC has received orders imposing more than $6 billion in monetary relief in the past fiscal year, according to Behnam. Of these actions, 45 were linked to digital asset misconduct, making up over 34% of the 131 such actions initiated since 2015 by the Commission.
The address is consistent with Behnam's previous assertions that digital assets markets want and demand a clearer regulatory framework. The SEC chairman's stance on digital assets is different from the position of the SEC Chairman Gary Gensler, who has frequently asserted that existing securities laws are sufficient to govern digital assets.
Behnam states that approximately 70% of the crypto market should be recognized as commodities. He has called for legislation from Congress to establish clear guidelines on commodity tokens and enhance the authority of the CFTC in this area.
To ensure robust cybersecurity, system safeguards, and customer safety, Behnam's speech emphasized the criticality of proactive measures. He argues that waiting for victims to suffer is insufficient to carry out the Commission's mission.
The Chairman of the CFTC's opinion on the need for additional regulations for the crypto and particularly Defi space remains firm, despite consistent legal challenges. This perspective highlights the ongoing divergence of views between Behnam and the SEC regarding the regulatory future of the crypto market.