PANews reported on January 9, according to CoinDesk, that Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), in his final public speech before stepping down, focused on cryptocurrency and its regulatory issues, emphasizing the necessity of elevating the CFTC as a cryptocurrency regulatory body. Behnam will step down on January 20, making way for the future appointee of President Trump. In his speech at the Brookings Institution, he stated that cryptocurrency "has permeated every phase of my tenure."
Behnam pointed out: "In the absence of federal legislation, issues of customer protection, increased incidents of fraud and market abuse, market resilience, and financial stability are becoming increasingly severe. History has repeatedly shown that placing a large amount of financial activity outside of regulation ultimately leads to poor outcomes." He directly urged industry "innovators" to protect those investors "eager to incorporate digital assets into their portfolios," and emphasized: "The role of market regulators is crucial, ensuring that financial innovation is integrated into a regulatory and compliance culture that protects consumers and provides legal certainty." He also stated that he has never supported a law enforcement-led regulatory approach. In contrast, SEC Chairman Gary Gensler has long been criticized by the industry for adopting a "law enforcement over regulation" approach.
Earlier today, news emerged that SEC Chairman Gary Gensler reiterated that the crypto space is "fraught with bad actors."