Financial market regulators are considering steps they could take to rein in the crypto market if Congress doesn’t pass legislation, the head of Wall Street’s top derivatives regulator said.
“In the absence of clear direction from Congress, which I know they’re working on, it’s our responsibility to work together and to come up with solutions to the extent that we’re able to within the authority that we currently have,” Commodity Futures Trading Commission Chairman Rostin Behnam said Monday in an interview with Bloomberg News.
Crypto firms have been looking for clarity on the regulations they should follow. Many have pushed for the CFTC to take on an expanded role — an idea backed by a recent bipartisan bill introduced in the House. Currently, the regulator’s powers are limited to policing derivatives based on Bitcoin and Ether and investigating fraud or manipulation in underlying crypto markets. Meanwhile, Securities and Exchange Commission Chair Gary Gensler has said he thinks most digital assets are securities that are subject to his agency’s rules.
The two bodies haven’t reached any agreements on their respective roles should Congress fail to step in and draw clear jurisdictional lines, Behnam said. But the staffs are actively talking, he added.
Behnam rejected any notion that the CFTC would be friendlier toward the crypto industry than other financial regulators.
“That is completely false, and that’s a bad narrative,” he said. “I’m as tough as anyone in this city, and our jurisdiction and our authority is as tough as anyone’s as well.”
The number of CFTC enforcement actions and settlements tied to crypto activities has steadily grown over the last several years. Between 2015 and 2021, the regulator filed charges against or settled with at least 30 firms involved in digital assets and levied fines and disgorgements totaling more than $787 million, according to a report from Solidus Labs.
The CFTC is a “natural fit” to regulate more of the market, given its long track record of enforcement and overseeing crypto derivatives, Behnam said.
“We have experts at the agency; we have a very robust understanding of the marketplace,” he said.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
