US Crypto Regulation Stalls, CFTC Chair Calls for Action Ahead of Election

Share This Post

Crypto Regulation

The post US Crypto Regulation Stalls, CFTC Chair Calls for Action Ahead of Election appeared first on Coinpedia Fintech News

On November 5, the United States is set to witness a crucial presidential election, in which Republican candidate Donald Trump will compete against Democratic candidate Kamala Harris to win the most powerful chair in the White House. The entire crypto community is closely watching the US political landscape. They are very eager to know how it will transform after the election.

As the country discusses what will happen to the crypto industry post-election, Rostin Behnam, the US Commodity Futures Trading Commission chairman, while speaking at the Securities Industry and Financial Markets Association annual meeting held in New York last day, emphasized how the lack of crypto regulations has impacted the cryptocurrency industry, highlighting why it is important for the next president to consider creating a proper crypto regulation framework. 

CFTC Struggles Without Crypto Legislation 

Behnam stated that, due to the lack of a strong cryptocurrency legislation framework, the agency is currently unable to effectively monitor the crypto industry properly. He warned that the improperly regulated state of the crypto industry could expose crypto investors to greater risks. 

He expressed his confidence in the ability of the next US administration to make necessary progress in creating a robust crypto legislation framework. Meanwhile, he admitted that the efforts taken by the present regime to create a crypto framework have stalled. 

CFTC Turns to AI for Market Surveillance

Responding to SIFMA President Kenneth Bentsen’s concern about constant enforcement actions, the CFTC chair outlined their plan to increase the use of AI to monitor markets. He asserted that this plan would reduce the need for frequent enforcement actions. 

Various US departments, connected to the financial sector, have already made significant strides in incorporating AI technologies to improve their efficiency. The US Treasury Department recently used certain AI tools to recover $4 billion lost in fraud and improper payments.  

In conclusion, what we should take away from the CFTC chairman’s statement is that it is counterproductive to cripple the progress to the crypto sector’s growth with stricter regulations. Instead, AI possibilities should be explored to better monitor the financial landscape. 

What do you think? Share your thoughts with Coinpedia!    

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Messari Reports TRON’s Protocol Revenue Reached an All-Time High in Q3 2024

PRESS RELEASE Geneva, Switzerland, October 22, 2024 – Messari, a leading provider of digital asset market intelligence products, released a research report highlighting TRON’s Q3

Chainlink debuts privacy tech, triggering LINK’s rise to multi-week high

Chainlink’s LINK token has surged to its highest point since late September, driven by the Oracle network’s introduction of a privacy-focused technology that helps financial institutions

Dogecoin (DOGE) Price Soars with Whale Activity: Will It Hit $0.37 by October?

The post Dogecoin (DOGE) Price Soars with Whale Activity: Will It Hit $037 by October appeared first on Coinpedia Fintech News Dogecoin (DOGE) is creating excitement in the crypto world as it remains

V3V Ventures is Getting Ready For The Future Telegram Usernames Popularity

The post V3V Ventures is Getting Ready For The Future Telegram Usernames Popularity appeared first on Coinpedia Fintech News The Singapore-based fund invests in an unusual crypto asset: good-looking

$2.4 Billion Blocked! How Binance is Winning the War Against Online Scams

The post $24 Billion Blocked! How Binance is Winning the War Against Online Scams appeared first on Coinpedia Fintech News While the global community prepares to celebrate Halloween, Binance insists

Bitcoin Signal That Led To At Least 70% Surge Has Formed Again

On-chain data shows a Bitcoin signal that has led to at least a 70% rally the last four times has recently formed for the asset once again Bitcoin MVRV Momentum Has Seen A Bullish Crossover Recently