In a surprising turn of events, Rostin Benham, Head Chair of the Commodity Futures Trading Commission, stated that the CFTC is now looking at how to regulate crypto better. Benham stressed that the CTFC has the necessary skills and expertise to regulate the digital asset commodity market properly.
Benham spoke in front of the US Senate, saying "the volatility in the market, and its impact on retail customers – which may only worsen under current macroeconomic conditions – emphasizes the immediate need for regulatory clarity and market protections."
Currently, the lack of clarity on what a digital asset is or isn't; has caused a lot of issues within the crypto world. This matter is ongoing, with cases like the SEC going after Ripple Labs saying the firm is selling securities, not digital assets. Along with that, the SEC is in the process of suing Coinbase; with clear guidelines in place, issues like this should soon be a thing of the past.
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