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A spokesman for the Commodity Futures Trading Commission called on the US Senate to pass a law that expands the commission's powers to oversee the cryptocurrency market.
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Chairman of the Commission (CFTC) Rostin Behnam(Rostin Behnam) talked about what was achieved at the hearings in the US Senate Committee on Agriculture, Nutrition and Forestry. The main task was to review the Digital Consumer Protection Act (DCCPA), which should give the CFTC exclusive authority over the digital assets spot market.
According to Behnam, many of the existingdigital assets are commodities, and since the CFTC has considerable experience and knowledge, this will allow it to regulate the commodity market of digital assets like no other.
The chairman of the commission stated that he was striving forconsumer protection through disclosure and transparency of the regulatory process. Since 2014, Behnam says, the CFTC has launched nearly 60 digital asset-related litigations:
“We believe that digital market participantscommodity assets are not able to provide us with all the information we need. Therefore, the CFTC enforcement program should be based on reports and complaints from consumers themselves. This way we can better detect fraud and manipulation in the market.”
Current tools available to CFTC saysBehnam, too limited. If the DCCPA is approved, it will significantly expand the powers and allow the regulator to use all the possibilities of market surveillance. The official stressed that the adoption of the law will also give the CFTC additional funding, which will improve the collection of market data and inform investors.
Earlier, Former U.S. CFTC Chairman Timothy Massad suggested that the SEC and the CFTC set up a regulatory committee sponsored by the cryptocurrency industry itself.