CFTC Chairman Rostin Benham has told Bloomberg that decentralized exchanges (DEXes) will be regulated by his agency or the SEC, even if the platforms operate autonomously or with minimal human involvement.
He has commented on the view that since there is no specific company or person behind such sites and they are "just code," they cannot be regulated.
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According to him:
"This is the wrong question. In fact, it's about what they offer to customers in the US and what are they subject to? And also who created the organization and the code to offer those products?"
He has assured that the department will continue to pursue unscrupulous market participants. Benham has acknowledged there are cryptocurrencies that are not subject to the department's supervision, those that serve exclusively as money.
In his opinion, digital assets can be regulated under current US law, including using the Howey test for analysis.