CFTC Wants Additional Powers to Oversee Crypto Industry

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Rostin Benam, the head of the CFTC, has called for the department to receive the authority to impose anti-fraud regulations on the cryptocurrency market during his speech in front of the US Congress.

He noted that the digital asset industry is “suffering from deceit and manipulation” and that the commission has collected over $4 billion in fines and restitution in 85 cases.

Benam asserted that the commission can only “act after the fraud has occurred” and that the CFTC should be empowered to set standards to prevent conflicts of interest, establish rules to ensure fair, open, and transparent markets, and actively monitor trading.

Additionally, he suggested that the SEC continue to regulate the portion of the market that is subject to securities laws.