PANews reported on October 22 that according to The Block, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), called on Congress to take action on cryptocurrency regulation and election betting legislation at the SIFMA annual meeting. Behnam said that due to the approaching holidays and federal budget issues, he does not expect Congress to make any progress on crypto legislation this year, and it may have to wait until the new Congress and the president take office in 2025 before there is an opportunity to promote it. He mentioned that bills similar to FIT21 have been passed by the House of Representatives, but progress has stagnated.
In addition, Benen reiterated the CFTCâs position on election prediction markets, emphasizing that such contracts are illegal and that Congress should intervene to enact relevant laws. The CFTC is currently engaged in a legal battle with prediction market platform Kalshi over election contracts.
