BlockBeats news, on January 9, the soon-to-be former chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, once again called on Congress to fill the regulatory gaps in cryptocurrency. He stated that even after stepping down as chair, he would continue to advocate for the CFTC to advance this initiative.
When a reporter from The Wall Street Journal later asked about the situation in the new year, Behnam stated that cryptocurrency legislation requires time and mentioned the new composition of the presidential government and Congress. He noted that legislation will take six to ten months, and the subsequent rule-making by federal agencies will take a year. He also mentioned that the acting chair will play a role in future regulatory changes. In the event of changes in the presidential administration, the acting chair usually temporarily leads the agency until they are appointed as chair or someone else takes on that role.
Behnam stated: 'I do believe that the acting leaders will change the regulatory approach from day one. Current committee members have been discussing the sandbox and creating an environment where cryptocurrency participants can essentially operate without worrying about enforcement or regulation, as it is a controlled environment.'
He added that the legislative efforts made by lawmakers, including Debbie Stabenow and Patrick McHenry, 'are not without flaws,' but still represent good initiatives. 'I think the current situation, that is, the existing regulations we have now, cannot address the issues.' (The Block)