NEW: CFTC Chairman Rostin Behnam touted the benefits of CFTC-led crypto regulation at a nyulaw event on Thursday. 'Bitcoin might double in price if there's a CFTC-regulated market,' CFTCBehnam said. cheyenneligon reports
A clear regulatory framework, Behnam argued, could pave the way for institutional investors to enter the market.
“Non-bank [crypto] institutions thrive on regulation, they thrive on regulatory certainty, they thrive on a level playing field,” Behnam added. “And they may say otherwise, they might bicker about the type of regulation – but what they love most is regulation because they are the smartest, the fastest and the most well-resourced. With those attributes, they can beat everyone else in the market.
Behnam said on Thursday that he supports the bill, which includes a provision that would allow the cash-strapped agency to levy fees on regulated entities – something Behnam argued would be critical if CFTC is to tackle the challenge of regulating crypto. The CFTC’s battle with the dual issues of jurisdiction over crypto markets and its comparatively small operating budget has impacted its ability to effectively deal with crypto crime, Behnam told the audience on Thursday.