CFTC Chair Revealed Creating a New Crypto Regulation Office

by in Cryptocurrency News

CFTC crypto regulations

Rostin Behnam, Chair of the Commodity Futures Trading Commission, finds that the agency should have more authority to supervise the crypto sector.

Related: Gary Gensler Says SEC Is in Talks With the CFTC Over Crypto

At the forum "The Future of Crypto Regulation" the official said that there is a need for clear market regulations over digital commodity assets. Behnam noted that since 2014, CFTC has started over 50 enforcement actions related to the sector.

He pointed out that each of these cases has been driven externally, which indicates that there is no particular regulatory authority.

CFTC Chair believes credibility and transparency aid the market growth, and customers will benefit from that.

Behnam also mentioned the debate around how different cryptos should be classified, and which ones fall into the security category.

While there is no new legal authority, the CFTC is exploring ways of protecting markets and investors according to the current rules. Behnam said that the agency is changing its tech team LabCFTC to a new office of tech and innovation. The office will be flexible aiming to meet internal needs as well as those in the broader regulatory space. The CFTC Chair added that the phase of digital assets as a research project is now over.