As a long-term crypto investor with a keen interest in regulatory developments, I find Rostin Behnam’s recent remarks at the 2024 Global Conference both reassuring and concerning. On one hand, it is heartening to hear the CFTC chair acknowledge the resilience of the crypto market despite last year’s downturn and the continued influx of investors and entrepreneurs. However, his expectation of another wave of enforcement actions against crypto firms in the coming months is a sobering reminder of the ongoing regulatory challenges we face as an industry.
According to Rostin Behnam, the head of the US Commodity Futures Trading Commission (CFTC), regulatory scrutiny of cryptocurrency businesses is likely to persist given the market’s ongoing allure for investors.
At the 2024 Global Conference on May 6, Behnam stated that although unfortunate incidents occurred in 2022 resulting in a market slump and numerous crypto companies going bankrupt, the cryptocurrency sector remains thriving and continues to draw in investors and business pioneers. Behnam did not provide any details regarding potential regulatory actions by the Commodity Futures Trading Commission (CFTC) or Securities and Exchange Commission (SEC) to safeguard investors. However, it is important to note that both regulatory bodies have ongoing legal proceedings against several crypto firms.
The CFTC chairman warned that within the next 12 to 36 months, or 12 to 48 months, there is a high likelihood of another wave of regulatory interventions due to escalating asset values and heightened retail investor involvement. Absent proper regulations, transparency, and our usual enforcement tools, fraudulent activities and manipulation are expected to persist.
Behnam concurred with the moderator’s view that it was appropriate for U.S. legislators to incorporate crypto companies into the regulatory system. Legislation regarding the jurisdiction of the SEC and CFTC over digital assets is currently under consideration in the House of Representatives, having advanced from committee in July 2023 and awaiting a floor vote.
A Cornerstone Research report published in January revealed that the Securities and Exchange Commission (SEC) handled more crypto-related investigations in 2023 than any other year since 2013. The SEC currently has open cases against several US crypto companies, such as Kraken, Binance, and Coinbase. Additionally, Robinhood Crypto received a Wells notice on May 4 – this warning signal typically precedes enforcement action from the regulator.
As a researcher, I’ve come across some intriguing information regarding the Commodity Futures Trading Commission (CFTC) and their enforcement actions against crypto firms. In October, Behnam, the CFTC chairman, mentioned that approximately one-third of all such actions taken by the commission had transpired in the year 2023.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- STG PREDICTION. STG cryptocurrency
- USD HKD PREDICTION
2024-05-07 00:14