CFTC Chair Believes Bitcoin Will Grow Massively Under CFTC

    Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC) thinks Bitcoin may develop massively, with its present value doubling down, if the asset is beneath the regulation of the CFTC. Behnam’s remarks come at a time when the United States remains to be attempting to correctly regulate cryptocurrencies.

    Bitcoin may develop if regulated by the CFTC

    He made these feedback whereas talking at a fireplace chat on the New York University. According to Behnam, the impedance of Bitcoin’s progress is due largely to a predominantly unregulated house. Behnam acknowledged the truth that the cryptocurrency trade in America suffers from a dearth of regulation.

    Accordingly, he famous {that a} correct regulatory framework is more likely to increase the expansion of Bitcoin. Notwithstanding, he believes these regulatory measures needs to be the only real responsibility of the CFTC.

    Bitcoin may double in value if there’s a CFTC-regulated market,

    Behnam remarked.

    Behnam, like nearly all of the crypto neighborhood, has been clamoring for regulatory readability inside the cryptocurrency house. Nonetheless, it seems Behnam Believes the CFTC is in a greater place to control Bitcoin than the SEC.

    Behnam acknowledges the issue confronted with crypto regulation

    Despite his opinion on which regulator is best at overseeing the Bitcoin market, Behnam has beforehand acknowledged that the broader cryptocurrency scene is troublesome to control on account of its novelty.

    Speaking on a CNBC Squawk Box episode on Wednesday, Behnam admitted that the regulatory uncertainty inside the cryptocurrency market is due largely to the shortcoming of the related businesses to differentiate between securities and commodities when it issues digital belongings.

    When requested concerning the battle of supremacy between the SEC and CFTC, Behnam famous that each regulators aren’t at loggerheads. He talked about that his and Gensler’s businesses are getting alongside, and they’re simply trying to attain a “reasonable outcome.”

    However, Behnam talked about that the CFTC’s present issue is the limitation in its oversight. He identified the truth that his company doesn’t have the authority to supervise money markets. This is as a result of its attain stops on the derivatives markets. Behnam mentioned he has been asking Congress for authority over money markets. This is so the CFTC can correctly oversee Bitcoin and Ether money markets.

    Abigal .V. is a cryptocurrency author with over 4-years of writing expertise. She focuses on information writing, and is expert in sourcing scorching matters. She’s a fan of cryptocurrencies and NFTs.

    The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.

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