CFTC Leader Rostin Behnam argued that regulations are not always negative for Bitcoin. The president said crypto could “double in price” despite the CFTC’s regulations.
Rostin Behnam says Bitcoin price could double despite regulation
The Commodity Futures Trading Board (CFTC) is a US agency that regulates derivatives markets. It is known as the institution that wants to have more power over the crypto money market with the SEC. CFTC Leader Rostin Behnam has recently started work on a comprehensive cryptocurrency bill. Speaking in an interview he attended at the New York University Law Department on Wednesday, Behnam underlines that regulations do not always mean negativity. According to Behnam, the market leader Bitcoin could double its price with regulations. In their own words:
Growth can happen if we have a well-organized space. If there is a market regulated by the CFTC, the price of Bitcoin could double.
President Says Bitcoin and other cryptos will grow under CFTC regulation
Behnam is stepping up work for his office to lead crypto regulation. The CFTC leader added that a clear regulatory framework for crypto would attract more institutional investors as well as boost the price of Bitcoin. He explained that existing institutions see “great opportunity for entry that will only happen if there is a regulatory structure.” The manager adds:
Non-bank [crypto] institutions thrive on regulation, thrive on regulatory absolutes, thrive on a level playing field. And they may argue otherwise, arguing about the type of regulation – but what they love most is editing because they are the smartest, the fastest, and the most resourceful. With attribution, they can beat anyone in the market.”
In addition, the leader announced his support for a bipartisan bill by the chairs of the Senate Agriculture Committee. The bill licenses the CFTC as the primary regulator for the entire crypto industry. Furthermore, the proposal expanded the Committee’s mandate to oversee crypto spot markets. It also made it mandatory for exchanges to be registered with an agency. Finally, these decisions will put an end to the long-running engagement in the crypto space amid the SEC and the CFTC. According to Behnam;
We are money confiscated by Congress right now, and that puts us in a position where we always felt nervous about how much money to allocate. We still feel the scars and scars of five or six years of fixed funding.
CFTC’s position on crypto regulation
It’s fair to know that in July Benham said that cryptos will be an integral segment of mainstream financial portfolios in the US in the future. Koindeks.com As you follow, the SEC leader recently said that his agency will take on crypto regulation in the future. More recently, Benham said he had already authorized the CFTC to begin preparing to become president and fully funded regulator for a valuable part of the cryptocurrency industry. In the middle, the SEC is also trying to assert itself as the main crypto regulator.