U.S. CFTC Chairman Urges Congress to Act Quickly on Crypto Regulation

Odaily News Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), urged Congress to take action as soon as possible to enact cryptocurrency regulations. Although Senate Agriculture Committee Chairwoman Debbie Stabenow said her latest crypto market regulation proposal will be submitted to committee members soon, the committee's senior Republican member John Boozman said feedback from industry leaders shows that the proposal has not yet received enough support. Behnam emphasized that Congress's failure to develop a regulatory plan not only harms investor interests, but also puts the United States at a disadvantage in global competition. The Senate Agriculture Committee has been working on relevant legislation aimed at giving the CFTC the power to regulate spot trading of digital commodities. Stabenow hopes to share specific legislative wording with committee members by the end of this week. (CoinDesk)