US Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam is warning that the crypto industry is likely to face more headwinds from regulators in the coming months.
Speaking at the 2024 Milken Institute Global Conference, the CFTC chairman says the crypto industry will “probably see a new cycle of enforcement actions in the next six to 18 months or six to 24 months” amid “asset appreciation and [renewed] interest from private investors.”
According to Behnam, the purpose of the enforcement actions is to protect investors.
“Without a regulatory framework, without that transparency, without the tools that we typically use as regulators, you will continue to see this fraud and manipulation.
And beyond the legitimacy and where this technology could go and what role it could play in our economy and commerce, the internet, digital assets in general… we just have to think about things from a regulatory and consumer protection perspective. And I think that should be our guiding light in driving this conversation, closing these regulatory gaps and creating this framework that is ultimately going to protect American investors.”
The CFTC chairman also says there is “common ground” among US lawmakers on the type of regulation crypto assets require.
“There is sustainability in this asset class. There has clearly been growth in the past six months. And of course in 2022 we will have to deal with many bad events that have scarred the industry…
…but the fact is that despite or despite what happened in 2022, we find ourselves here with a growing market, growing capital investment and growing market cap, and I think there is a renewed interest from a lot of entrepreneurs.”
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