U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam will testify today at a House Agriculture Committee hearing on “Providing Clarity to Digital Asset Spot Markets,” and his testimony has been released.
Rostin stressed that Congress should take legislative action to address the lack of federal regulation in the digital commodity market, arguing that this would help protect customers, ensure market resilience and stability, and prevent risk contagion to the traditional financial system. Rostin added that the goals of regulation should be to protect customer assets, monitor trading activities, prohibit conflicts of interest, and implement strict cybersecurity standards.
In addition, Rostin called on Congress to provide the necessary funding to ensure regulators have adequate resources to carry out their new regulatory responsibilities.
