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CFTC Chairman says regulators needs authority over digital commodity markets to prevent another FTX

Commodity Futures Trading Commission Chairman Rostin Behnam tells the Senate Agriculture Committee in prepared testimony that initial evidence suggests that in the collapse of the broader FTX universe CFTC regulations are working to ensure that those registered with the CFTC are in a position to protect customers and continue market operations, the lesson that a clear, thoughtful, comprehensive regulation works to protect customers and prevent the type of events that have befallen the other FTX entities, the answer to recent questions comprehensive market regulation whereas CFTC lacked authority to comprehensively regulate the digital commodity market and to prevent this from happening again must be provided appropriate authority by Congress without which gaps would remain in a federal regulatory framework even if other regulators act within their existing law.
Commodity Futures Trading Commission Chairman Rostin Behnam tells the Senate Agriculture Committee in prepared testimony that initial evidence suggests that in the collapse of the broader FTX universe CFTC regulations are working to ensure that those registered with the CFTC are in a position to protect customers and continue market operations, the lesson that a clear, thoughtful, comprehensive regulation works to protect customers and prevent the type of events that have befallen the other FTX entities, the answer to recent questions comprehensive market regulation whereas CFTC lacked authority to comprehensively regulate the digital commodity market and to prevent this from happening again must be provided appropriate authority by Congress without which gaps would remain in a federal regulatory framework even if other regulators act within their existing law.
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Editorial Use only. May not be used as partisan political campaign material to promote or oppose the candidacy of any person for elective public office, and may not be used to distort the objects and purposes of the hearing or cast discredit or dishonor any member of the House or bring the House or any Member into disrepute. Contact your local office for all commercial or promotional uses.
Editorial #:
1446233997
Collection:
FedNet
Date created:
December 01, 2022
Upload date:
License type:
Rights-ready
Release info:
Not released.ÌýMore information
Clip length:
00:01:04:18
Location:
Washington, DC, United States
Mastered to:
QuickTime 8-bit H.264 HD 1920x1080 29.97p
Source:
FedNet
Object name:
sag120122h