{"id":19011,"date":"2023-06-06T15:11:12","date_gmt":"2023-06-06T19:11:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/us-cftc-chair-says-claim-that-the-agency-is-a-light-touch-regulator-could-not-be-farther-from-the-truth\/"},"modified":"2023-06-06T15:11:13","modified_gmt":"2023-06-06T19:11:13","slug":"us-cftc-chair-says-claim-that-the-agency-is-a-light-touch-regulator-could-not-be-farther-from-the-truth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19011","title":{"rendered":"US CFTC Chair Says Claim That the Agency Is a \u2018Light Touch Regulator\u2019 Could Not Be \u2018Farther From the Truth\u2019"},"content":{"rendered":"<div>\n<p>US Commodity Futures Trading Commission Chair Rostin Behnam pushed back on assertions that his agency would be a \u201clight touch regulator\u201d for cryptocurrency, following an eventful week and as lawmakers contemplate legislation to regulate the industry.\u00a0<\/p>\n<p>Behnam was asked on Tuesday during a House Agriculture Committee hearing on opinions that the CFTC is seen as taking a lighter touch when it comes to regulating the crypto industry.\u00a0<\/p>\n<p>The CFTC is seemingly the preferred regulator among crypto advocates.\u00a0<\/p>\n<p>Behnam said he doesn\u2019t take it as a compliment, noting that the CFTC is a principles based regulator \u2014 meaning <u>moving away<\/u> from detailed, prescriptive rules and relying on broadly-stated principles.\u00a0<\/p>\n<p>\u201cSo I think it\u2019s easy for critics, which there are always critics, to say \u2018oh they\u2019re a quote light touch regulator because they\u2019re a principles based regulator,\u2019\u201d Behnam said. \u201cThat couldn\u2019t be farther from the truth.\u201d\u00a0<\/p>\n<h2>The timeline<\/h2>\n<p>Lawmakers also asked Behnam about a <u>discussion draft<\/u>, which was released last week, and seeks clarity on when a digital asset would be considered a security and thereby regulated by the Securities and Exchange Commission, while creating a process on how digital assets are treated and how intermediaries can register with the SEC or the CFTC.<\/p>\n<p>Rep. David Scott, D-Ga.,\u00a0 asked Behnam to estimate how long it would take to implement new rules for crypto between the SEC and CFTC.<\/p>\n<p>With additional funding, it would take at least one to two years, but without that funding, it would take closer to three to four years, Behnam said.\u00a0<\/p>\n<p>Behnam was also asked about the SEC\u2019s lawsuit against <u>Coinbase<\/u> on Tuesday, which named 13 cryptocurrencies as securities, and whether those were properly classified as securities.<\/p>\n<p>Behnam said he wasn\u2019t going to answer that due to it being active litigation.<\/p>\n<p>\u201cI\u2019ll just say this, this is a reason we\u2019re here,\u201d Behnam said. \u201cThere is confusion. There\u2019s uncertainty and there\u2019s a number of active cases that are going on and hopefully we can resolve some of these differences in the future.\u201d\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/us-cftc-chair-pushes-back-light-touch-regulation-views-gives-timeline-for-potential-new-rules.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Commodity Futures Trading Commission Chair Rostin Behnam pushed back on assertions that his agency would be a \u201clight touch regulator\u201d for cryptocurrency, following an eventful week and as lawmakers contemplate legislation to regulate the industry.\u00a0 Behnam was asked on Tuesday during a House Agriculture Committee hearing on opinions that the CFTC is seen as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-19011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US CFTC Chair Says Claim That the Agency Is a \u2018Light Touch Regulator\u2019 Could Not Be \u2018Farther From the Truth\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"US Commodity Futures Trading Commission Chair Rostin Behnam pushed back on assertions that his agency would be a \u201clight touch regulator\u201d for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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