Bitcoin‘s BTC/USD The price can double if the digital currency is listed in a market under the Commodity Futures Trading Commission (CFTC) regulations.
So says CFTC Chairman Rostin Behnam, who supports a regulated structure in the cryptocurrency market.
“These established institutions in the crypto space see a tremendous opportunity for institutional inflows that will only materialize if there is a regulatory structure around these markets,” Behnam told attendees of a fireside chat at the NYU School of Law. “Non-bank [crypto] Institutions thrive on regulation, they thrive on regulatory certainty, they thrive on a level playing field.”
The comments come amid mounting scrutiny in every region, from Brazil to Australia to Tether’s lawsuit in the US
See also: New York judge orders Tether to produce documents proving USDT support
However, other governments, such as those in Japan and the United Arab Emirates, seem keen to use Web3 and cryptocurrencies as growth opportunities.
And Behnam believes that the wave of regulation affecting digital assets may not be all negative.
Institutions may “argue” about what kind of regulation is best, Behnam added. “But what they love most is regulation because they are the smartest, fastest and best equipped. With these attributes they can beat everyone else on the market.”
Cryptocurrency Regulation
The CFTC’s existing funding structure and resource allocation prohibit it from pursuing broader regulation of the crypto industry.
Due to a lack of funds to conduct its own investigations, Behnam noted that in most of the cases it prosecuted, the CFTC relied on leads, customer complaints and whistleblowers, Behnam said.
The action of the Senate Agriculture Committee, the CFTC as the primary regulator of the cryptocurrency Sector would make clear who is responsible for overseeing the industry in the US, he added.
The regulations are currently administered by both the CFTC and the Securities and Exchange Commission.
See…
