According To the CFTC’s Head, Bitcoin’s Value Might Double

It is not clear which United States financial regulator would be responsible for overseeing cryptocurrencies. In this context, regulation means keeping an eye on the cryptocurrency market. It also includes ensuring that all players and members are in line with the law. 

Helping Cryptocurrency Develop

As the cryptocurrency industry grows and more people use its primary assets, the demand for this is getting more pressing. The facts were reported by CoinDesk from a fireside discussion on September 29 at the NYU School of Law. The facts show that the Commodity Futures Trading Commission is a severe contender for the United States cryptocurrency/financial regulator (CFTC) post. 

Rostin Behnam, head of the Commodity Futures Trading Commission, has also presented his case. During the conversation, he outlined the reasons why his organization should be in charge of regulating cryptocurrencies.

According to Rostin Behnam, his organization will best handle cryptocurrency regulation. He elaborated that everyone in the corporate sector will reap the benefits of this development and that it would help the spread of digital currencies. 

He remarked in his speech that growth might happen if we have a well-controlled environment. Also, he speculated that if a CFTC-supervised market emerged, Bitcoin’s price might rise by as much as 100%. According to Benham, if a well-defined regulatory framework were in place, institutional investors would feel more at ease and be encouraged to engage in the sector. 

He continued by saying that the crypto industry’s established institutions saw institutional investment in the sector as a vast potential to realize. The realization can happen only by launching a regulated framework for the markets.

Statement By the Commodity Futures Trading Commission on Cryptocurrency Regulation

Benham’s July expression of eager expectation is noteworthy. He predicted that in the future, cryptocurrencies like Ethereum (ETH) and Bitcoin would play a crucial role in American traditional financial portfolios. 

At the start of August, The Senate Agriculture Committee introduced legislation. It authorized the Commodity Futures Trading Commission (CFTC) to regulate spot markets for “digital commodities.”

Not long after that, the CFTC’s head discussed the possibility of his organization regulating cryptocurrencies in the future. According to Finbold, Benham said the CFTC was ready for the situation.

The CFTC And SEC Share an Objective

Benham recently claimed that he had given the CFTC authorization. This approval came to lay the framework for becoming the leading, well-funded regulator of a substantial section of the cryptocurrency sector. 

Benham released this comment in light of the recent report that he had given the CFTC permission to start preparing for this job. Meanwhile, the United States Securities and Exchange Commission (SEC) is experiencing similar objectives. SEC is making an effort to establish itself as the leading cryptocurrency regulator. 

However, owing to litigation against cryptocurrency startups like Ripple, the SEC’s credibility has suffered. According to Ripple’s CEO, the government organization is “seeking to control via enforcement,” which is a kind of bullying.