U.S. CFTC Chairman Rostin Behnam: There will be a new round of cryptocurrency regulation and he is not optimistic about the passage of the stable currency law

U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said at the Milken Institute’s 27th Annual Global Conference on Monday that as retail interest and currency market values ​​rise, enforcement actions will also Along with the increase, he expects the next cycle of enforcement actions to unfold within the next six months to two years: From my perspective as a regulator, we may be in the next six months due to asset price increases and retail investor interest cycles. By 18 months or 6 to 24 months, see another wave of enforcement actions. Without a regulatory framework, without transparency and without the tools we normally use as regulators, fraud and manipulation will continue.

Before Rostin Behnam made the above remarks, the U.S. Securities and Exchange Commission (SEC) had recently launched frequent enforcement actions against the cryptocurrency industry. Robinhood Crypto, the cryptocurrency arm of the U.S. online brokerage Robinhood, received a notice from the SEC on the 4th. Wells Notice, SEC accused it of violating securities regulations.

MetaMask wallet developer Consensys and decentralized cryptocurrency exchange Uniswap have also received Wells notices from the SEC in the past month. In the past year, the CFTC and SEC have imposed sanctions on Binance and FTX, etc. Cryptocurrency entities take enforcement action.

A Wells Notice usually refers to a notice issued to an individual or company after the SEC investigation is completed, indicating that the SEC believes they may have violated securities laws. After submitting the notice, the SEC has six months to decide whether to file a complaint and take enforcement actions. Companies that receive notices from the SEC also have the right to respond.

Not optimistic about the passage of the Stablecoin Bill

In addition, Rostin Behnam was also asked on Monday whether it was possible for the Stablecoin Regulation Bill to pass.

Reps. Patrick Mc Henry and Maxine Waters have been pushing for a stablecoin bill for more than 20 months, but Rostin Behnam pessimistically expressed that the chances of passing it are quite low because with the election season and holidays approaching, the legislation in the U.S. Congress Days have decreased: There is a lot of motivation and a lot of will to pass the bill. I think members and leadership of both parties will make efforts, but it is difficult to complete legislation today.

Currently, one of the unanswered questions about the stablecoin bill is whether the primary regulatory agency for stablecoin issuers will be the federal government or state regulators. A Democratic aide said last week that there were discussions to try to Incorporating the stablecoin bill into upcoming Federal Aviation Administration reauthorization legislation seems unlikely.

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