Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC) thinks Bitcoin could grow massively, with its current price doubling down, if the asset is under the regulation of the CFTC. Behnam’s remarks come at a time when the United States is still trying to properly regulate cryptocurrencies.
Bitcoin could grow if regulated by the CFTC
He made these comments while speaking at a fireside chat at the New York University. According to Behnam, the impedance of Bitcoin’s growth is due in large part to a predominantly unregulated space. Behnam acknowledged the fact that the cryptocurrency industry in America suffers from a dearth of regulation.
Accordingly, he noted that a proper regulatory framework is likely to boost the growth of Bitcoin. Notwithstanding, he believes these regulatory measures should be the sole duty of the CFTC.
Bitcoin might double in price if there’s a CFTC-regulated market,
Behnam, like the majority of the crypto community, has been clamoring for regulatory clarity within the cryptocurrency space. Nonetheless, it appears Behnam Believes the CFTC is in a better position to regulate Bitcoin than the SEC.
Behnam acknowledges the difficulty faced with crypto regulation
Despite his opinion on which regulator is better at overseeing the Bitcoin market, Behnam has previously acknowledged that the broader cryptocurrency scene is difficult to regulate due to its novelty.
Speaking on a CNBC Squawk Box episode on Wednesday, Behnam admitted that the regulatory uncertainty within the cryptocurrency market is due in large part to the inability of the relevant agencies to distinguish between securities and commodities when it concerns digital assets.
When asked about the battle of supremacy between the SEC and CFTC, Behnam noted that both regulators are not at loggerheads. He mentioned that his and Gensler’s agencies are getting along, and they are just looking to reach a “reasonable outcome.”
However, Behnam mentioned that the CFTC’s current difficulty is the limitation in its oversight. He pointed out the fact that his agency does not have the authority to oversee cash markets. This is because its reach stops at the derivatives markets. Behnam said he has been asking Congress for authority over cash markets. This is so the CFTC can properly oversee Bitcoin and Ether cash markets.
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