The chairman of the US Commodity Futures Trading Commission (CFTC), Rostin Behnam, said this Thursday (29) that Bitcoin could “double in price” if it is traded on a market regulated by the entity.
He added that the cryptocurrency industry has “a huge opportunity for institutional investments, which will only occur if there is a regulatory framework in place.”
This speech comes at a time when the industry faces increasingly intense global scrutiny. However, some governments, such as Japan and the United Arab Emirates, also seem interested in making more space for crypto assets and the Web3, seeing in these sectors an opportunity for growth.
For Behnam, this wave of crypto regulation might not be a bad thing after all. “Non-banking institutions [empresas cripto] thrive on regulation, thrive on regulatory certainty, thrive on a level playing field, […] because they are the smartest, fastest and most resource-enabled,” he said.
CFTC and cryptocurrencies
Behnam said the CFTC’s current funding model and resources were factors that prevented broader regulation of the crypto industry — which could help weed out unscrupulous companies.
He noted that most cases investigated by the CFTC were based on whistleblowers, customer complaints and user tips, due to a lack of funding to pursue the investigations themselves.
The president added that he supported a bill introduced by the US Senate that would designate the CFTC as the primary regulator of the cryptocurrency industry.
Such a definition would finally help to clarify who is responsible for regulating this sector in the United States, which today is still something carried out by both the CFTC and the Securities and Exchange Commission (SEC).
* Translated with permission from decrypt.co.
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