Following an interview with CNBC on November 16, Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), made it clear that the cryptocurrency landscape has witnessed no significant changes since the collapse of FTX. Consequently, he foresees the possibility of more FTX-like incidents happening in the future.
In light of this, Chairman Behnam emphasized that Congress must equip the CFTC with the necessary regulatory powers to comprehensively supervise digital commodity markets and prevent such mishaps from recurring. Despite being the governing body for commodity futures and option markets in the U.S., the CFTC currently lacks the broad authority required to regulate these digital markets effectively.
Making an appeal to the Senate Banking Committee back in December 2022, the CFTC chairman underlined the pressing need for lawmakers to implement regulatory measures speedily to establish safeguards and mitigate potential risks. Failure to do so may render cryptocurrencies unsafe for investors and could culminate in greater risks.
