- Rostin Behnam stated that this process could take 3-4 years
- CFTC fights for new congressional funding
- Rules will be put in place if Congress and Biden agree on legislation to create a framework for digital assets
Chairman of the Commodity Futures Trading Commission, Rostin Behnam, reportedthat it will take time to create and implement new digital asset legislation. In his opinion, it may take about 3-4 years. Provided that Congress allocates new funding, the period is reduced to one to two years.
“I estimate that without additional funding, the process of the agency’s compliance with the possible regulation of the cryptocurrency spot markets could take three to four years. Currently, the Commodity Futures Trading Commission (CFTC) has the authority to regulate only derivatives of digital assets such as bitcoin and ether.Behnam said.
He also expressed the opinion that there is a certain gap for digital tokens that are not securities. With these words, he wanted to convey his long-standing message that the CFTC needs additional powers to regulate the spot markets for digital assets.
The CFTC has asked for an increase in annual funding of about 10%, from $365 million to $411.14 million. However, the agency has long struggled to increase funding as Congress does not get the attention it needs. Passing legislation classifying digital assets as commodities would also give the CFTC more power, beyond its current remit, to regulate them directly.