As the cryptocurrency industry expands due to rising public interest, regulatory bodies attempt to incorporate the new asset class into their operations.
South Dakota Public Broadcasting (SDPB) Radio reported on August 10 that the head of the United States Commodity Futures Trading Commission (CFTC), Rostin Benham, spoke on the idea of CFTC taking up crypto rules in the future, indicating that the agency was completely equipped.
The chairman’s remarks linked to the intentions of a U.S. Senate committee to submit a measure that would bring digital assets such as Bitcoin (BTC) and Ethereum (ETH) under the authority of the commodities regulator to boost transaction transparency and safeguard market players.
Benham says this is “a need, but also a transition for the agency.” In response to concerns that the CFTC may not be the best body to oversee cryptocurrencies, he explained:
Earlier, Benham remarked on Americans’ growing interest in digital assets and predicted that they might soon become a standard component of financial portfolios in the United States.
The commission’s cautious approach to crypto
However, not everyone in his agency is as positive as he is about cryptocurrencies, with commissioner Caroline Pham advising investors to approach crypto tokens as lottery tickets where gains and losses are equally likely.
In mid-June, Finbold reported that another CFTC commissioner, Christy Goldsmith Romero, sounded the alarm about the crypto market’s resemblance to the banking sector in the years before the 2008 financial crisis.
Also Read: 1.5 Million Individuals Took Revolut’s Crypto Course In The First Month
Wallets