Few days back, Rostin Benham decided to spill some beans on CFCT’s future plans. For the unversed, Rostin Benham is chief of Commodities Futures Trading Commission’s (CFTC). The company plans to make Office of Technology Innovation. The CFCT’s new office has to oversee the regulation of the cryptocurrency industry.
CFCT’s new office will replace the LabCFTC project soon
Earlier, Behnam’s predecessor Christopher J. conceptualised the LabCFTC project. Giancarlo. However, the new project will replace the old project. For the unversed, currently CFTC is running the old office. The former head of the CFTC has adopted the moniker “Crypto Dad” and is a supporter of the blockchain.
The division will be led by a Director who would report to Behnam’s office. However, Director will reach once the renaming of the new office and its restructuring get complete.
Besides hiring subject-matter experts, the office will provide CFTC workers with the opportunity to get experience in cryptocurrency.
Who is going to approve the bill?
Due to long history in the grain futures markets, the Congressional Agriculture Committee heard the bill. This committee regulates the commodities markets. According to Gillibrand, it might possibly go to a vote this year.
Behnam stated that he was “encouraged” by legislative initiatives to have a more unified regulatory strategy. As per Behnam, even the strongest co-operative relationships couldn’t yield the efficiency that’s required.
According to him, even the finest cooperative ties may not deliver the performance they need. In order to put quick stops to wrongdoing, it increasingly requires effects beyond individual investors.
The report suggested few things. There is a lack of thorough regulatory system, suitable to enterprises operating in the digital asset market. Moreover, it has resulted in inconsistent practises around issues like trade settlement, conflicts of interest, data reporting, and cybersecurity.
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