CFTC Chairman Rostin Behnam has hinted at forthcoming enforcement measures in response to the rapid expansion of the cryptocurrency sector and the ambiguity surrounding U.S. regulations.
Speaking at the Milken Institute Global Conference in Los Angeles, Behnam emphasized the significant growth and investment in the crypto market, anticipating an increase in regulatory actions over the next couple of years.
Behnam pointed out the challenges posed by legislative hurdles, particularly due to the limited number of Congressional sessions before elections. However, he expressed optimism about lawmakers' interest in addressing regulatory gaps, particularly regarding stablecoins.
In a related development, Robinhood has received a Wells notice from the SEC, signaling impending actions regarding its crypto operations. This notice comes amid efforts by the SEC's chief legal officer, Dan Gallagher, to collaborate on establishing clearer regulations.
Similarly, Consensys has been served a Wells notice regarding its Ethereum activities, along with multiple subpoenas. While no actions have been taken yet, Consensys has proactively filed a lawsuit against the SEC.
The debate surrounding cryptocurrency regulation persists among U.S. legislators, with no consensus reached on whether major stablecoins should be classified as securities or commodities. Rep. French Hill highlighted this uncertainty during a recent Congressional hearing.
May 2024, Cryptoniteuae