CFTC: Non-Security Crypto Currency Requires A Comprehensive Law

Crypto rules in the United States. (Photo; Doc. Unsplash)

JAKARTA US Regulator, Commodity Futures Trading Commission (CFTC) proposed a new, more comprehensive rule for cryptocurrencies that are not included in the securities category. This was conveyed by the chairman of the CFTC, Rostin Behnam recently.

According to him, currently there is still a gap in non-security crypto market regulations. For this reason, CFTC is in the right position to fill the gap. He added that the new rules are urgently needed to provide consumer security and anticipate the collapse of crypto companies as happened throughout 2022.

Behnam explained that 2022 has become a fluctuating year and rocked the crypto industry. A number of events such as the collapse of the LUNA crypto project, the bankruptcy of Celsius, Three Arrows Capital, to FTX. This condition forces regulators to apply clear rules to the cryptocurrency industry.

"The crypto market was shaken to its point last year, on several different sides. In my view, bankruptcy, failure, and running only validated that action was needed. This ecosystem is very broad, will not disappear, and requires a comprehensive law", according to Behnam.

The crypto world is not a closed system. Regulations are needed to protect customers and prevent unpredictable failures within certain limits in the domestic and global financial markets. Regardless of whether one or more is happening in 2023 or 2033, we must act," he added.

The chairman of the CFTC, who was sworn in last month, said he plans to cooperate with Congress and crypto stakeholders in an effort to regulate the nascent industry.

"There is a new Congress, and I will continue to engage and provide technical assistance to draft the law, as requested. Based on my previous points on demand, the CFTC will also continue to engage with new stakeholders. This agency has the main process and principles that guide it, and we are careful, considerationful, and patient," Behnam was quoted as saying by DailyHodl.