According to Cointelegraph, United States Commodity Futures Trading Commission (CFTC) chair Rostin Behnam discussed the agency's activity in the crypto sphere and the need for updated legislation at the Financial Industry Association Expo 2023 event in Chicago. He highlighted the CFTC Enforcement Division's efforts as a "nonstop drumbeat." In his keynote address, Behnam mentioned that his agency collected $6 billion in penalties in fiscal year 2023, with 45 of those enforcement actions involving digital asset-related misconduct, representing over 34% of the 131 such actions brought by the Commission since 2015.
Behnam also discussed the precedent-setting litigation against Ooki DAO, which resulted in the closure of the decentralized autonomous organization (DAO) and a $643,542 penalty. The U.S. District Court for the Northern District of California found that the DAO was a "person" under the Commodity Exchange Act (CEA) of 1936. Behnam noted that the limits in the CEA create barriers to engaging in rulemakings and policy necessary for the agency's mission, forcing the CFTC to engage in resource-intensive quests for assurances that they are acting within the bounds of their intended remit.
Behnam's statements contrasted with Securities and Exchange Commission chair Gary Gensler's position that Depression-era financial legislation should not be tampered with. Behnam also indirectly addressed limitations on the CFTC's enforcement authority, stating that he has continued to advocate for additional authority in the crypto space.
