'The CFTC is well situated to play an increasingly central role in overseeing the cash digital asset commodity market,” CFTC chair Rostin Behnam (CFTCbehnam) told Congress on Wednesday. nikhileshde reports
Commodity Futures Trading Commission Chair Rostin Behnam has made a fresh appeal to Congress to grant his agency authority to oversee crypto spot markets in the U.S.
The regulator requested that Congress, in addition to granting the CFTC additional authority, also fund the agency with an extra $100 million to properly oversee crypto markets. The agency's current annual budget is roughly $300 million. However, in a follow-up response to Sen. Amy Klobuchar , he said he would be willing to build up his team.One of the key issues Congress would have to address is just where the CFTC's jurisdiction ends and where the SEC's begins. Behnam acknowledged this during a discussion with Sen. John Hoeven , saying it is important to draw"clear, distinct lines" between which crypto assets are securities and which are not.