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US Regulators To Unleash More Enforcement Actions On Crypto Entities, Says CFTC Chair

Published:

  • The US Commodity Futures Trading Commission CFTC Chair Rostin Behnam declares continuous enforcement actions on crypto companies.
  • The chair noted that the crypto crackdown will continue for the next two years due to the growing investors’ interest in crypto
  • Behnam emphasized that regulators’ tools are necessary to avoid cryptocurrency fraud and manipulation.
  • According to a CFTC report in November 2023, the agency has initiated about 47 lawsuits in the crypto commodities sector.

The US Commodity Futures Trading Commission CFTC Chair Rostin Behnam says regulators will continue using enforcement actions on crypto firms. The chair mentioned that crackdowns on crypto firms will stretch into the next two years as the market keeps attracting investors’ interest.

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Behnam disclosed the information on May 6 in a speech during the 2024 Global Conference. The CFTC chair noted how the 2022 bad events created a market downturn and triggered the implosion of some companies.

However, amid the crisis, the crypto market has remained resilient with continuous growth and attracting entrepreneurs and investors.

cftc

Source: X Platform – Eleanor Terrett

Interestingly, the CFTC chair failed to indicate whether the CFTC, Securities and Exchange Commission (SEC), or both will champion the enforcement. Already, the two regulators have a series of ongoing lawsuits against some crypto entities and protocols.

Behnam stated: “We’re going to probably see in the next 6 to 18 months or 6 to 24 months, another cycle of enforcement actions because of this cycle of asset appreciation and interest by retail investors.”

Further, the CFTC chair mentioned that the crypto industry needs the commission’s tools, regulatory frameworks, and transparency. Also, he stressed that without those regulators’ intervention, people will continuously witness fraud and manipulation within the digital asset space.

The US Legislature To Bring Crypto Entities Into Regulations

Additionally, the CFTC chair concurred with the moderator on the move from the US lawmakers to regulate crypto entities.

Notably, the House of Representatives awaits a floor vote on a bill to differentiate the roles of the CFTC and SEC. Such clarity will lay out each regulator’s jurisdiction over crypto assets.

In October 2023, the CFTC chair disclosed that almost one-third of all enforcement actions the agency took against crypto companies happened in 2023.

Also, a CFTC report last November indicated that the commission has initiated 47 actions within the crypto commodities sector. Some of the prominent cases involved FTX co-founder Sam Bankman-Fried and ex-CEO of Celsius Alex Mashinsky.

Moreover, the CFTC played a role in the $4.3 billion settlement between the Binance crypto exchange and US authorities.

 

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