Chairman CFTC Rostin Benham stated Bloombergthat decentralized exchanges (DEXs) will be regulated by his agency or SECeven if the platforms operate autonomously or with minimal human involvement.
During the Odd Lots podcast, the official commented on the prevailing opinion that since there is no specific company or person behind such sites and they are “just a code”, they cannot be regulated.
“This is the wrong way to ask questions. In fact, it is about what they offer to customers in the US and what are they subjected to? And also who created the organization and the code to offer these products?” Benham said.
He assured that the department will continue to pursue unscrupulous market participants. Benham acknowledged that there are cryptocurrencies that are not subject to the supervision of the department – those that exclusively serve as money.
In his opinion, digital assets can be regulated in accordance with the current US legislation, including using the Howey test for analysis. However, some characteristics of cryptocurrencies are unique to traditional finance and require further thought, Benham added.
Recall that in October 2022, the head of the CFTC warned participants in the crypto industry about the inevitability of regulation.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Chairman CFTC Rostin Benham stated Bloombergthat decentralized exchanges (DEXs) will be regulated by his agency or SECeven if the platforms operate autonomously or with minimal human involvement.
During the Odd Lots podcast, the official commented on the prevailing opinion that since there is no specific company or person behind such sites and they are “just a code”, they cannot be regulated.
“This is the wrong way to ask questions. In fact, it is about what they offer to customers in the US and what are they subjected to? And also who created the organization and the code to offer these products?” Benham said.
He assured that the department will continue to pursue unscrupulous market participants. Benham acknowledged that there are cryptocurrencies that are not subject to the supervision of the department – those that exclusively serve as money.
In his opinion, digital assets can be regulated in accordance with the current US legislation, including using the Howey test for analysis. However, some characteristics of cryptocurrencies are unique to traditional finance and require further thought, Benham added.
Recall that in October 2022, the head of the CFTC warned participants in the crypto industry about the inevitability of regulation.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
