The American regulator outlined plans to control the cryptocurrency market

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A spokesperson for the Commodity Futures Trading Commission has called on the U.S. Senate to pass legislation expanding the powers of the cryptocurrency market oversight commission.

Commission Chairman (CFTC) RostinRostin Behnam spoke about what was accomplished at the hearing before the US Senate Committee on Agriculture, Nutrition, and Forestry. The main task was consideration of the Digital Consumer Privacy Act (DCCPA), which should give the CFTC exclusive authority over the digital asset 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 for digital assets like no other.

The chairman of the commission stated that he was committed toprotecting consumers through disclosure and transparency in the regulatory process. Since 2014, Behnam says, the CFTC has launched nearly 60 litigations related to digital assets:

“We believe that digital market participantscommodity assets are not able to provide us with all the necessary information. Therefore, the CFTC's enforcement program must rely on reports and complaints from consumers themselves. This way we can better identify fraud and manipulation in the market.”

Current tools available to CFTC, saysBehnam, too limited. If the DCCPA is approved, it will significantly expand its powers and allow the regulator to exercise full market oversight capabilities. The official emphasized that the adoption of the law will also provide the CFTC with additional funding, which will improve the collection of market data and inform investors.

Previously, former US CFTC Chairman Timothy Massad proposed that the SEC and CFTC create a regulatory committee sponsored by the cryptocurrency industry itself.