CFTC Chairman: Bitcoin will grow exponentially under our management
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Answer CFTC Chairman: Bitcoin will grow exponentially under our management
Rustin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), believes that Bitcoin could grow exponentially, with the possibility of doubling its current price, if the asset is subject to CFTC regulations.
Behnam’s comments come at a time when the United States is still trying to properly regulate the cryptocurrency market.
Bitcoin growth potential if regulated by the CFTC:
to speak out Behnam made these comments while speaking at a talk at New York University.
According to Behnam, the resistance to bitcoin’s growth is due in large part to the fact that bitcoin is mostly unregulated.
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Behnam acknowledged the fact that the cryptocurrency industry in America suffers from a dearth of regulation.
Accordingly, he indicated that an appropriate regulatory framework is likely to boost Bitcoin’s growth.
He also believes that these regulatory actions should be the sole duty of the CFTC, and added:
The price of Bitcoin could double if there was a body that regulates it like the Commodity Futures Trading Commission.
Behnam, like the majority of the crypto community, has been demanding regulatory clarity within the crypto space.
He appears to believe that the CFTC is in a better position to regulate bitcoin than the SEC.
The difficulty facing the regulation of cryptocurrencies:
Despite his opinion of which regulator is best for overseeing the bitcoin market, Behnam previously acknowledged that the broader cryptocurrency scene is difficult to regulate due to its youth.
Speaking on the CNBC Squawk Box last Wednesday, Behnam admitted that regulatory uncertainty within the cryptocurrency market is due in large part to the relevant agencies’ inability to distinguish between securities and commodities when it comes to digital assets.
When asked about the battle for supremacy between the Securities and Exchange Commission and the Commodity Futures Trading Commission, Behnam noted that the two regulators are not at odds.
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He noted that his agency and Gensler’s agency are going well, and they are only looking to reach a reasonable outcome.
Behnam mentioned that the current difficulty facing the CFTC is oversight restrictions.
He pointed to the fact that his agency does not have the authority to supervise the money markets.
This is because the CFTC’s access is dependent on the derivatives markets.
Behnam went on to explain that he is asking Congress to have authority over the money markets, so that the CFTC can properly supervise the Bitcoin and Ethereum market.
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