- The US CFTC is preparing to become a key crypto market regulator.
- They will allow the CFTC to act quickly to implement this digital market monitoring.
According to the CFTC chairman, Rostin Behnam, the US Commodity Futures Trading Commission is prepared to become a major regulator of the cryptocurrency market. Rostin Behnam, says he has already directed his agency to begin preparations.
Behnam applauded the legislation and its plan for more agency funds, which will allow the CFTC to act expeditiously to establish the new authority over digital commodities assets, which judges, politicians, and regulators have all agreed to include bitcoins, though the status of other assets is unclear. Furthermore, with an increased agency budget, the CFTC will have a larger regulatory sway over the markets in the future.
Role of CFTC in Crypto Monitoring
Behnam estimated that his organization, which has a present budget of around $320 million per year, will require an additional $112 million for the first three years of implementing this increased oversight. The proposal would establish industry fees to cover the additional costs, which would primarily come from training and employing employees to handle the growing crypto burden.
Most people believe that the courts will allow the CFTC to play a prominent role in crypto monitoring. They will most likely impose additional controls on the industry shortly.