CFTC Chairman Says Crypto Regulations Could Double Bitcoin Price

CFTC Chairman Rustin Behnam said Thursday that bitcoin could “double in price” if it is traded on a market regulated by the CFTC.

The chairman added that the cryptocurrency industry has a “tremendous opportunity for institutional flows that will only occur if there is a regulatory structure.”

The comments come as the cryptocurrency industry faces intense scrutiny globally, from Brazil to me Australia to the ropes trust well Legal problems in the United States.

But some governments like Japanese And the UAE, too, seems eager to embrace crypto and Web3, seeing them as an opportunity for growth.

According to Hannam, the wave of regulation geared towards cryptocurrency may not be a bad thing. “Unbanked [crypto] Institutions thrive on regulation, thrive on regulatory certainty, thrive on equals, […] Because they are the smartest, fastest and most resourceful, he says.

CFTC and Cryptocurrencies

Behnam said that the CFTC’s current funding model and resources have prevented it from pursuing broader regulation of the crypto industry, which could help weed out unscrupulous actors.

He pointed out that the majority of cases pursued by the CFTC relied on whistleblowers, customer complaints and advice, due to lack of funding to pursue its own investigations.

The president added that supported A bill introduced by the Senate Agriculture Committee would identify the CFTC as the primary regulator for the cryptocurrency industry.

This determination will finally help clarify who is responsible for regulating the industry in the US, something that the CFTC and the Securities and Exchange Commission are currently doing.

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