The CFTC will create a new division to oversee cryptocurrencies

The head of the US Commodity Futures Trading Commission (CFTC), Rostin Benham, announced the creation of the Officetechnological innovation, which will regulate the crypto industry.

During the Brookings Institution panel discussion The future of crypto regulation, Benham stated:

«We have passed the incubation stage. Digital assets and decentralized technologies have outgrown their sandboxes.

The new department will replace the existing oneFintech department of the department called LabCFTC. In addition to the renaming, the CFTC will expand the division's staff. Employees will have the opportunity to complete an internship to gain experience in digital currencies

In June, Senators Cynthia Lummis and KirstenGillibrand introduced a bipartisan bill to regulate the crypto industry. According to the norms of the document called the "Responsible Financial Innovation Act", most cryptocurrencies fall under the jurisdiction of the CFTC as digital commodity tokens.

Benham noted that he was «encouraged»Legislative efforts to create a more consistent regulatory approach. This will add effectiveness to efforts to combat misconduct with negative consequences for investors, he added.

«Lack of application to those working atmarket for digital assets to enterprises, comprehensive regulation has led to inconsistent practices on issues such as transaction completion, conflicts of interest, reporting and cybersecurity,” the official emphasized.

Recall that in October 2021, Benham ascandidate for the post of chairman of the CFTC at a congressional hearing proposed to make the agency the main regulator of the cryptocurrency market. He was appointed to the post in December.

In June, the head of the Securities and Exchange Commission, Gary Gensler, announced his intention to enter into agreements with the CFTC and other federal agencies to increase oversight of the industry.

Read ForkLog bitcoin news in our Telegram - cryptocurrency news, courses and analytics.