Behnam argued that Bitcoin could soar in a regulated market where institutional investors feel more comfortable wading into the industry.

crypto, cryptocurrencies, cftc, bitcoin, regulations

Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam said on Thursday that Bitcoin might “double in price” if it traded in a CFTC-regulated market.

The chairman added that the crypto industry had “a massive opportunity for institutional inflows that will only occur if there’s a regulatory structure.”

The comments come as the crypto industry faces intensifying scrutiny globally, from Brazil to Australia to Tether’s well-documented legal woes stateside. 

However, some governments, like Japan and the UAE, also appear keen to embrace crypto and Web3, seeing them as an opportunity for growth.

The wave of regulation heading for crypto might not be a bad thing, though, according to Behnam. “Non-bank [crypto] institutions thrive on regulation, they thrive on regulatory certainty, they thrive on a level playing field, […] because they are the smartest, the fastest and the most well-resourced,” he said.

CFTC and crypto

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

He noted that the majority of cases pursued by the CFTC have relied on whistleblowers, customer complaints, and tips, due to a lack of funding to pursue its own investigations.

The chairman added that he supported a bill introduced by the Senate Agriculture Committee which would designate the CFTC as the main regulator of the crypto industry.

Such a demarcation would finally help clarify who is responsible for regulating the industry in the United States, which is something carried out by both the CFTC and the Securities and Exchange Commission at the moment.

Stay on top of crypto news, get daily updates in your inbox.

TECH NEWS RELATED

Axie Infinity Leads Metaverse, NFT Token Rally as Trade Volumes Surge

Amid a wider crypto market recovery, metaverse and NFT-related tokens in Apecoin, AXS, Sandbox, and others are benefitting the most.

View more: Axie Infinity Leads Metaverse, NFT Token Rally as Trade Volumes Surge

$15 Billion Palantir Firm Co-Founder Says ‘Most’ Crypto Companies Will Crash – Here’s Why

Image source: Fox News Palantir co-founder Joe Lonsdale has warned that the crypto meltdown could worsen in the future, saying that “most” crypto companies will go to zero.  In an interview with Fox News, Lonsdale said more crypto companies are going to crash as many crypto tokens were Ponzi schemes. However, ...

View more: $15 Billion Palantir Firm Co-Founder Says ‘Most’ Crypto Companies Will Crash – Here’s Why

Where is Brutal Bastion in Fortnite Chapter 4 Season 1?

Image via Epic Games Brutal Bastion is a named POI location on the Fortnite Chapter 4 Season 1 island map. The centerpiece of the Brutal Bastion region is a large fortress nestled deep in the snowy mountain region covering most of the northeast quarter of the Fortnite Chapter 4 ...

View more: Where is Brutal Bastion in Fortnite Chapter 4 Season 1?

PM Anwar Ibrahim: Malaysia to review DNB’s 5G rollout due to lack of transparency

Prime Minister Datuk Seri Anwar Ibrahim today announced that his administration will be reviewing the plan for state-owned Digital Nasional Bhd’s (DNB) 5G network rollout. This is because the plan, which was introduced by the previous administration was not formulated transparently.  As reported by Reuters, DNB’s single-ownership of 5G ...

View more: PM Anwar Ibrahim: Malaysia to review DNB’s 5G rollout due to lack of transparency

Oryen Network Makes Staking Accessible To Beginners Unlike Fantom or Uniswap

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content Staking is a great way to earn passive income. It’s also a great way to diversify your portfolio and participate in the blockchain revolution. And yet, for all its benefits, staking can be challenging for new ...

View more: Oryen Network Makes Staking Accessible To Beginners Unlike Fantom or Uniswap

Foxconn's Main iPhone Factory Could Resume Full Production by Late December

Apple manufacturing partner Foxconn expects its main iPhone plant in China to resume full production around late December to early January, following worker unrest last month that disrupted the factory. “The situation has stabilized,” a Foxconn source told Reuters, referring to the protests in Zhengzhou and the government’s easing of ...

View more: Foxconn's Main iPhone Factory Could Resume Full Production by Late December

New Zealand's NZ Super Fund commits up to $70M to Movac's tech fund

New Zealand’s sovereign wealth fund the New Zealand Super Fund (NZSF) will commit up to $70 million to a fund looking to invest in fast-growing, established New Zealand technology companies with the potential to scale to more than $100 million in revenue. NZSF said in a statement, the Movac ...

View more: New Zealand's NZ Super Fund commits up to $70M to Movac's tech fund

Used car prices in South Africa climb 14th quarter in a row

The prices of used vehicles in South Africa continued to climb between July and September 2022, registering the 14th consecutive quarter of growth, according to TransUnion’s third-quarter vehicle pricing index (VPI). The VPI for used vehicles grew from 5.9% in Q3 2021 to 9% in Q3 2022, whilst that ...

View more: Used car prices in South Africa climb 14th quarter in a row

Porsche unveils new 911 Dakar off-road sports car

11 Of The Best Scooter For 3 Year Old in 2022 – Reviewed

Summary of My Hotpot Story code and how to enter Happy Sugar Hotpot Shop giftcode

The Game Awards 2022: Date, Time, & Where To Watch

Nothing Plans to Launch New Smartphone in US to Take on Apple's iPhone

How to download pieces of Paradigm’s encrypted message from data beacons in Fortnite Chapter 4 Season 1

Singapore's Carousell Group cuts 10% of total headcount, Co-Founder says 'deeply sorry'

Apple and Nvidia to be first TSMC’s Arizona chip plant customers

Borgward is dead again – declared bankrupt, RM2.95 billion lost in 2021

6 Ways To Fix “We Found Errors In File History Settings“ Error

Russia’s Largest Digital Asset Deal Denominated in Chinese Yuan

Where to find Trail Thrasher Dirt Bikes in Fortnite Chapter 4 Season 1

OTHER TECH NEWS

Top Car News Car News