The head of US Commodity Futures Trading Commission (CFTC) Rostin Behnam has called on lawmakers to put his agency a leading position to regulate the cryptocurrency market, Reuters reports.
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Testifying before the Senate Banking Committee, Behnam said that the CFTC needs approval from Congress to get an additional authority and resources to better regulate the rapidly growing cryptocurrency market. He said:
"In essence, this is an unregulated market. There is so much that we are not able to see because of this limited authority."
Behnam urged Congress to expand CFTC's regulatory framework as the lack of authority might be contributing to increasing fraud related to cryptocurrencies. According to the CFTC Chair, it has been difficult for the watchdog to supervise trading platforms outside of the US even though the CFTC has previously imposed charges against crypto companies like Bitfinex and Tether, Polymarket and Coinbase.
This is not the first time Behnam is asking lawmakers in Congress for more powers for his agency. In October 2021, Behnam also called on Congress to give the agency status of the main cryptocurrency regulator. Particularly, Behnam told the Senate Agriculture Committee that "nearly 60%" of cryptocurrencies on the $2.4 trillion market are commodities. The CFTC Chairman believes the agency has right to be considered as a "primary cop on the beat."
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