BlockBeats reported that on January 9, Rostin Behnam, the soon-to-depart chair of the Commodity Futures Trading Commission (CFTC), warned during his last push for cryptocurrency industry regulation that it would take time.
Behnam delivered his last public speech at the Brookings Institution in Washington, D.C., reiterating his call for Congress to fill the regulatory gap in cryptocurrency. In prepared remarks, he stated that even if he is no longer chair, he will continue to advocate for the CFTC to fill this gap.
When a reporter later asked him about next year, Behnam said that cryptocurrency legislation would take time.
He said that legislation would take six to ten months, and then the rule-making by federal agencies would take another year. Behnam's successor has not yet been appointed, but he stated that the acting chair would play a role in the upcoming regulatory changes. In U.S. government transitions, the acting chair usually temporarily leads the agency until formally appointed or succeeded by someone else.
"I do believe there will be a shift in the way the acting leaders regulate from day one," Behnam said. "Members of the existing commission have talked a lot about sandboxes, creating an environment where cryptocurrency participants can operate in a controlled environment without worrying about enforcement or regulation." (The Block)