Rostin Benham, head of the US Futures Trading Commission (CFTC), has just announced the regulator intends to create the Office of Technology Innovation, which will be in charge of regulating the cryptocurrency sector.
He has said:
"We have passed the incubation stage. Digital assets and decentralized technologies have outgrown their sandboxes."
The new division will reportedly replace the agency's existing fintech department called LabCFTC. In addition to the name change, the CFTC will expand the division's staff. Employees will now have the opportunity to complete an internship to gain experience in digital currencies.
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Senators Cynthia Lummis and Kirsten Gillibrand introduced a bipartisan bill in June to regulate the cryptocurrency sector.
According to the rules in the document called the "Responsible Financial Innovation Act," most cryptos fall under the jurisdiction of the CFTC as digital commodity tokens.