Acting Chairman Behnam put the CFTC front and center in the crypto conversation during his nomination hearing today before the Senate Agriculture Committee. He noted that (1) digital assets subject to CFTC enforcement jurisdiction cover at least 60 percent of the market; (2) recent CFTC actions regarding crypto were the "tip of the iceberg"; and (3) the CFTC was ready, willing, and able to be the "primary cop on the beat" for crypto if Congress wanted to give the CFTC authority to monitor and regulate the crypto spot markets. As crypto continues to grow, the regulators continue to search out and define their respective roles. Given Acting Chairman Behnam's statements, one can expect that the public will be hearing more from the CFTC on crypto in the near future.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
