As a seasoned analyst with a keen interest in both finance and technology, I find myself deeply concerned about the current state of crypto regulation in the United States. Rostin Behnam’s assertion that the Commodity Futures Trading Commission (CFTC) is “handcuffed” due to regulatory stalemate underscores the urgency of this issue.
According to reports, the head of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has expressed frustration, stating that the agency feels “restricted” or “limited” due to delays in discussions regarding cryptocurrency regulation in the United States.
The Chair of the Commodity Futures Trading Commission (CFTC) stated at the Securities Industry and Financial Markets Association (SIFMA) annual gathering in New York on October 21, that so far, attempts to establish a legal framework for the digital asset sector have not progressed.
However, he remained confident that a new Congress and president could make more progress.
He expressed that while it’s uncertain if something significant will occur by the end of the year, the election seems to have sparked a distinct interest in digital assets and technology that is worth noting. (This quote was reported by Law360.)
He added that without any legislation, the agency is “really handcuffed” in “policing” the crypto market, which would leave investors “vulnerable.”
“That ends up leaving a really vulnerable market, leaving vulnerable customers, leaving institutional money on the sidelines and ultimately not really helping support technology as it wants to integrate into traditional finance.”
The head of SIFMA, Kenneth Bentsen, expressed increasing discontent within the financial sector, as brokerage companies are pondering over the feasibility of functioning or thriving while dodging regulatory scrutiny. They wonder if it’s just a matter of consistently being a burden for firms, rather than an achievable goal to operate without facing enforcement actions.
CFTC taps into artificial intelligence
Rostin Behnam also revealed that the CFTC was also using AI to police the markets.
As a researcher, I’m employing various forms of artificial intelligence and analytics to sift through the data that our collection efforts yield.
He added that there was a huge opportunity for the agency to go beyond data analysis and use emerging technologies such as AI to detect market manipulation and cyberattacks, and reduce the number of lawsuits.
If we begin collaboratively employing AI for maintaining compliance, it’s likely that the number of enforcement cases will significantly decrease, according to him.
On October 17th, the U.S. Treasury disclosed that they had employed artificial intelligence (AI) powered by machine learning to scrutinize data, helping them recoup approximately $4 billion in fraudulent and incorrect payments during the fiscal year 2024.
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2024-10-22 07:09