CFTC Chair Urges Congress to Address Crypto and Election Betting Legislation
Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), has called on Congress to take decisive action on cryptocurrency and election betting legislation, stressing the need for greater regulatory clarity in these rapidly expanding sectors.
Speaking at the Securities Industry and Financial Markets Association's annual meeting, Behnam highlighted the growing significance of the crypto market and related technologies, such as blockchain and tokenization. He urged Congress to play a more active role in regulating spot crypto markets to ensure proper oversight and foster innovation.
Behnam also touched on the issue of election betting, referencing the ongoing legal dispute between the CFTC and predictions market Kalshi. He emphasized the need for legislative intervention to resolve regulatory ambiguities in this area.
The CFTC Chair's comments underscore the pressing need for comprehensive legislation to address the evolving challenges posed by both cryptocurrencies and election betting platforms.
(Sources: The Block)
