The absence of a laid down legislation that would clear the air on the virtual assets’ industry has reportedly been an instigator of worries among different stakeholders in the United States of America. Reports say that stakeholders in the virtual assets’ industry, including traders, legislators, and regulatory body officials, have asked the US Commodity Futures Trading Commission (CFTC) to better oversee the industry.
However, the chairman of the CFTC, Rostin Benham, says his organization wouldn’t be any friendlier than other regulatory outfits in the country to the cryptocurrency world. The chair’s assertion comes directly to debunk certain claims by some persons that the CFTC would be more lenient than other regulatory outfits in the country to the virtual industry.
CFTC History Backs Benham’s Claim
Benham remarked that he remains equally stern as any other regulatory organization’s head in his territory. Meanwhile, the organization has reportedly fined up to 30 digital assets companies over the last seven years to the tune of over $780 million.
Speaking further concerning his organization’s stance on the cryptocurrency industry, Benham revealed that regulatory agencies in the country were considering working together to monitor the digital assets’ market while legislators execute their part of providing clarifying legislations on the industry.
While the country’s yet to provide clarity to different shadowy areas in its financial regulatory frameworks, the CFTC leader said it’s the responsibility of regulators to do their best in policing the market. However, Benham maintained that he is aware the US Congress is working towards providing clarifications on different parts of the digital assets’ industry.
The words of the CFTC leader isn’t the first statement from regulatory bodies that they intend to collaborate towards monitoring the cryptocurrency industry. Last month the chairman of the Securities and Exchange Commission, Gary Gensler, disclosed that his organization was considering partnering with the CFTC to monitor the virtual assets’ industry.
Cryptocurrency Regulations in the US
Recently, US President Joe Biden, ordered different institutions in the country to conduct thorough research on the prospects and possible limitations of the digital assets industry. The President’s directive, coupled with the ongoing economic crisis in Europe has made legislating digital assets’ laws in the US of prime importance.
However, US legislators are reportedly in the divide on different aspects of the digital assets’ economy. On the one hand, some are wary of the high level of anonymity in the industry and the high level of carbon dioxide released from digital assets mining activities.
On the other hand, others are rather optimistic and seek to legislate for the advancement of the cryptocurrency industry. Although the CFTC chair announced that his organization won’t be too friendly with the virtual assets’ market, the organization appears ready to communicate with stakeholders in the industry.
The readiness of the CFTC, however, comes in contrast to the SEC’s apparent lack of readiness to communicate with cryptocurrency stakeholders. Meanwhile, the Securities and Exchange Commission recently announced it would enlarge the department within its organization that helps to enforce cryptocurrency regulations.