The CFTC chairman said that a clear regulatory framework for crypto would entice more institutional investors in addition to fueling the price of Bitcoin.
The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, believes that Bitcoin is set for a lot of benefits if it is regulated by the agency, including an increase in its price. The matter of crypto regulation is not a new topic in the crypto space. The CFTC and the SEC have long battled for the upper hand as the top regulator of the industry. Many industry leaders consistently call for the control and management of digital assets in the US. International entities are also pressuring for an explicit regulatory framework for cryptocurrencies. Recently, the European Commission Commission’s Mairead McGuiness encouraged international coordination in settling the problem the industry poses to “some of the fundamental aspects of the financial system.”
Also, Behnam is one of the many individuals who always mention that the crypto market needs regulatory clarity.
At NYU School of Law, Behnam talked about the opportunities for institutional inflows in the crypto industry. He added that these opportunities could only be accessible if a proper regulator structure exists. According to the CFTC chairman, the price of Bitcoin could soar X2 under CFTC-led regulation.
“Growth might occur if we have a well-regulated space. Bitcoin might double in price if there’s a CFTC-regulated market.”
Bitcoin and Other Cryptos Are Set for Benefits Under CFTC Regulation, Chairman Says
Behnam pushed further for his office to head crypto regulation. The CFTC chairman added that a clear regulatory framework for crypto would entice more institutional investors in addition to fueling the price of Bitcoin. He explained that the existing institutions in the crypto industry see “massive opportunity for institutional inflows that will only occur if there’s a regulatory structure around these markets.” The executive added:
“Non-bank [crypto] institutions thrive on regulation, they thrive on regulatory certainty, they thrive on a level playing field. And they may say otherwise, they might bicker about the type of regulation – but what they love most is regulation because they are the smartest, the fastest and the most well-resourced. With those attributed, they can beat everyone else in the market.”
Furthermore, the chairman declared his support for a bipartisan bill by the leaders of the Senate Agriculture Committee. The bill licenses CFTC as the primary regulator for the entire crypto industry. Additionally, the proposal expanded the Commission’s authority to oversee crypto spot markets. Also, all crypto trading firms would need to register with the agency. Finally, this would put an end to the long-lasting struggle between the SEC and CFTC concerning the crypto space.
“We are [currently] appropriated money by Congress, and it has put us in a position where we feel like we’re constantly on edge about how much money we will appropriated. We are still feeling the wounds and scars from five or six years of flat funding,” said Behnam.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Source: https://www.coinspeaker.com/behnam-bitcoin-price-cftc/