ChainCatcher news, according to CoinDesk, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), urged Congress to take action as soon as possible to formulate cryptocurrency regulations. Although Senate Agriculture Committee Chairwoman Debbie Stabenow (D-Mich.) said her latest crypto market regulation proposal will be submitted to committee members soon, the committee's senior Republican member John Boozman (R-Ark.) said that feedback from industry leaders shows that the proposal has not yet received enough support.
Behnam stressed that Congress’s failure to enact a regulatory solution not only harms investors but also puts the United States at a disadvantage in global competition. The Senate Agriculture Committee has been working on legislation that would give the CFTC the power to regulate spot trading of digital commodities. Stabenow hopes to share specific legislative language with committee members by the end of the week.
