According to "The Block" report, U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said on Monday (6th) that when the interest of retail investors and the value of the cryptocurrency market rise, enforcement actions will also increase. He expects the next "enforcement action cycle" in the next six months to two years.
Behnam said in a talk at the 27th annual Milken Institute Global Conference:
“From my perspective as a regulator, because of this cycle of asset appreciation and retail investor interest, we may see another wave of enforcement actions in the next six to 18 months or six to 24 months. No. "Without a regulatory framework, without transparency, without the tools that we as regulators typically use, you're going to continue to see this kind of fraud and manipulation."
Behnam's comments come after U.S. online brokerage Robinhood revealed on Monday that staff at the U.S. Securities and Exchange Commission (SEC) had made a preliminary decision via a Wells Notice to recommend enforcement action against its cryptocurrency unit, alleging It violates securities laws. Not long ago, Consensys, the developer behind the cryptocurrency wallet MetaMask, and decentralized cryptocurrency exchange Uniswap also stated that they had received the SEC’s Wells Notice.
Behnam was also asked at the event about the likelihood of the stablecoin bill passing, saying: "If we were to start putting a percentage, I still think the likelihood is pretty low." He mentioned the uncertainty in Congress during the election season and holidays. Legislative days are getting shorter. Behnam added:
"There's a lot of momentum, there's a lot of will, and I think there will be efforts from members and leadership on both sides, but getting legislation done right now is going to be difficult."
This article US CFTC Chairman: There may be another wave of cryptocurrency enforcement actions in the next two years appeared first on Zombit.