In a hearing that is scheduled to take place on September 15, Behnam is expected to inform those who are members of the Senate Agriculture Committee: The measure that is being pushed by committee leaders to develop new regulations for the cryptocurrency business, placing Behnam’s agency at the center of government supervision, acknowledges
Legislation introduced to give CFTC authority
Notably, Sen. Debbie Stabenow (D-Mich.) and the panel’s leading Republican, Sen. John Boozman (R-Ark.), introduced legislation last month that would give the agency broad authority to regulate digital asset trading, including the power to monitor crypto spot markets. In spite of this, Behnam lauded the legislation and its plan for additional agency funding, which will enable the CFTC to “move swiftly” to establish the new supervision and control over digital commodity assets. The courts, lawmakers, and regulators have all acknowledged that this includes Bitcoin, but the status of other assets is still unclear. He added:
Multiple laws proposed around CFTC involvement
As things stand, multiple laws have proposed that the CFTC assume a key role in crypto monitoring, and it is anticipated that this momentum will continue as the initiatives come closer to crossing the finish line. Notably, the CFTC chairman claimed the agency is ‘ready’ for the possibility of regulating crypto On Thursday, September 15, many prominent players from the cryptocurrency business were slated to appear in front of the committee. These figures included officials from the cryptocurrency platform Coinbase as well as the trading firm Citadel Securities.
