- The chairperson of CFTC Rostin Behnam made his statement on a webcast to boost the regulatory protection in the crypto market.
- LabCFTC is the beneficial source that provides more accessibility to the fintech innovators.
From a recent Brooking Institution Webcast, the head of Commodity Futures Trading Commision (CFTC) Rostin Behnam, shared that they are going to work on the future of crypto regulation.
Behman’s Keynotes
In the webcast, Behman stated that, “We are now engaged in a more proactive and comprehensive effort across the agency to regulate these markets with the tools currently available to us.”
He further added that, “Our core policy divisions are now directly addressing how the CFTC can leverage our existing authority to bring important regulatory protections to this market.”
By citing the study of CFTC, Behman said that retail members differentiates the digital currencies from other forms of commodities. According to CFTC analysis,
“Trading indicative of retail participants makes up approximately 25% of long open interest in the Bitcoin futures market.”
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LabCFTC Reformation
As per source of CFTC website, “LabCFTC is the focal point for the CFTC’s efforts to promote responsible fintech innovation and fair competition for the benefit of the American public.”
According to the CNTC, the motto of LabCFTC is twofold,
- To promote responsible fintech innovation to improve the quality, resiliency, and competitiveness of the markets.
- To accelerate CFTC engagement with fintech and RegTech solutions that may enable the CFTC to carry out its mission responsibilities more effectively and efficiently.
Behnam’s Past Quotes
Concerning market regulation, Behman said that regulators are the “collective analysis paralysis.” While fintech is growing with time. If we saw the history of the statements of Behman, he was not happy with the authorities of regularity. Pointing out the insufficient market surveillance and the inspection capabilities.
In February, Bahnam further said that there is ““a very, very narrow lens into what is actually happening in the market.” This statement was on the Agriculture, Nutrition and Forestry with the Senate Committee that supervises his institution.
Conclusion
It is very clear that Behnam is somehow curious about the advancements of crypto market regulations and protection. That’s the reason he demands for allowing more authority to their agency. While keeping in mind the impact of fintech by federal policy.
Source: https://www.thecoinrepublic.com/2022/07/27/behmans-statement-on-the-reformation-of-labcftc/