Mere days after a Bloomberg report suggested the Treasury Department was set to give the Securities and Exchange Commission the bulk of the responsibility over regulating stablecoins, its sister agency is making a play to be „the primary cop on the beat” for the whole crypto sector.
Rostin Behnam, acting chair of the Commodity Futures Trading Commission and President Biden’s nominee to officially take over, requested that the Senate Committee on Agriculture, Nutrition and Forestry give the CFTC more statutory power to regulate the digital asset sector.
Appearing before the committee as part of his confirmation hearing, Behnam said that the agency’s recent enforcement actions against derivatives exchange BitMEX and stablecoin issuer Tether prove the agency has what it takes. However, he added, „this is the tip of the iceberg” given the now $2.6 trillion crypto market cap, most of which he classified as commodities—raw or basic goods that can be traded on exchanges.
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