Rostin Behnam believes that digital assets should and can be regulated under current U.S. law, such as using the Howey test to evaluate a project.
At the same time, the official agreed with the opinion that the activities of some participants of the cryptocurrency market are unique and require additional thinking.
For example, it concerns the area of regulation of decentralized exchanges (DEX).
“The debate over how decentralized projects should be regulated has been deeply divisive among U.S. policymakers and agency heads.
This is due to the fact that there is a perception among officials: since there is no specific company or personality behind such sites, they are “just program code.
This is the wrong way to put it. It really should& be& about& what& platforms& offer& to& clients& in& the& U.S.& and& what& risks& they& expose& people& to.
And also: who created the organization and wrote that code to offer decentralized products,” the CFTC chairman reasoned.
Rostin Benham assured reporters that his agency and the Securities and Exchange Commission (SEC) would continue to pursue unscrupulous market participants, regardless of whether they operate autonomously or with staff.
Earlier, the CFTC chairman said the agency intends to strengthen its compliance team and tighten regulation of the crypto industry in 2023.