WEB3
by BSCN
December 13, 2023
In an interview on CNBC's Squawk Box, Behnam highlights the pressing challenges in regulating digital assets, citing ongoing "turf wars" between regulatory bodies, particularly the SEC and CFTC.
Rostin Behnam, Chairman of the Commodities Futures Trading Commission (CFTC), asserts that the majority of cryptocurrencies should be treated as commodities, stressing the urgency for updated regulations to accommodate technological advancements. The CFTC chair made the recent comments in CNBC's "Squawk Box.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are at odds over jurisdiction, causing concerns over regulatory conflicts. To fill legislative gaps, Behnam emphasizes the importance of collaboration between regulatory bodies and Congress.
Contrary to Gensler's position, Behnam advocates a positive working relationship between the CFTC and SEC, sharing a common interest in protecting U.S. markets, the financial ecosystem, and consumers.
Behnam calls on Congress to proactively integrate cryptocurrency technology into the financial system, highlighting the inadequacy of current regulatory frameworks. Adapting existing laws to the evolving technological landscape is critical, according to him, echoing a growing consensus among regulators for updated legislation to govern cryptocurrency growth.
Further, expressing concern over illicit cryptocurrency use in financing terrorism, Behnam highlights the importance of Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
In addition, he advocates for balanced attention, urging equal emphasis on ensuring stability and integrity across the broader cryptocurrency market, addressing specific challenges presented by stablecoins.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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