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U.S. CFTC Chair makes the case for a proactive federal regulatory approach in the digital asset commodity market

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23 February 2022

In a hearing before the U.S. Senate Committee on Agriculture, Nutrition and Forestry (the Committee) on February 9, 2022, U.S. Commodity Futures Trading Commission (CFTC) Chair, Rostin Behnam, recommended a proactive federal regulatory approach to digital assets.

In the recommended approach, Behnam requested Congress legislate to address the regulatory patchwork currently impeding the development of the digital asset commodity market and provide the CFTC with additional authority and resources to oversee this market. The Committee also invited a panel of experts and industry professionals to share their know-how on the digital asset market and their views on the current state of the applicable regulation, who broadly echoed Behnam’s analysis of the current regulatory environment as fragmented and some advocated for an expanded role for the CFTC as the digital asset supervisor.