The crypto market has come a long way since its inception, and it has constantly been evolving. The need for regulation intensifies as the crypto market becomes vaster and gains tremendous traction.
Among many applicants on the list for implementing the regulations in the US is the Commodity Futures Trading Commission (CFTC). During a fireside chat at the NYU school today, i,e., September 29, the CFTC Chairman Rostin Behnam, who has always been vocal about crypto regulation, claims that his agency should be the one that should be given priority.
The crypto market’s volatility is why institutional investors step back. As per Rostin Behnam, if the CFTC regulates crypto, the institutional investors will be reassured once again and gain the trust that had been lost. He believes that his agency’s supervision can help Bitcoin double in value.
CFTC’s Positive Approach Towards Crypto
Behnam is known for his positive comments toward cryptocurrencies. In July, he had asserted that the first two cryptocurrencies, Bitcoin and Ethereum, would soon become mainstream finance in the US.
With CFTC coming forward to regulate the crypto market and the Chair being a crypto proponent, it appears that the United States will soon have a positive crypto regulation for good. Meanwhile, Behnam has also said that the CFTC is already gearing up with its preparations for claiming its position as a leading financial regulator for the cryptocurrency sector.
On the other hand, even the Securities and Exchange Commission (SEC) has also applied to regulate the crypto sector; however, they have not gained much support.
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Source: https://coinpedia.org/opinion/cftcs-crypto-regulations-will-benefit-the-bitcoin-price-massively-r-benham/