The ex-CFTC chair warned conflicts of interest as the Senate weighs the market structure
On Tuesday, the US Senate Banking Committee’s subcomm committee was scheduled to hear testimony from former regulators and industry leaders in consideration of the law to establish a framework of the digital market structure of the market.
In a prepared testimony for the hearing on Tuesday, the former Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam Says The “current trajectory regulator (is) not sustainable” without addressing the gaps for cryptocurrencies. He suggested that lawmakers consider market structures dedicated to “customer protections, avoiding conflicts of interest, and market stability.”
“(…) I do not believe that public interest for digital possessions will be lost; wasting will only result in greater risk to our financial and investor markets, by lack of market transparency, fraud, market manipulation, corruption, and conflicts of interest,” the testimony read.
“As the digital asset market continues to weave itself in traditional financial institutions, concerns about greater market stability and perhaps even financial stability will grow.”
Hearing to consider the framework of market structure in the Senate will come as House of Representative Weight of its own billThe Digital Asset Market Clarity, or Clarity Act. The bill moved out of the Committee in June and is expected to go for a floor vote as soon as possible.
Related: Democratic Senator introduced Bill to meet Trump’s crypto relationships
According to Republican leadership in the Digital Assets Subcomm Committee, any bill to meet a crypto market structure should “clearly define the legal status of digital properties,” allocate authority to regulators to avoid “an all-covering regulator from the emerging,” and focused on protecting the crypto.
“While the European Union and Singapore have established clear regulations, the US continues to sit on the sides as the digital asset industry is looking for greener pastures,” said Wyoming Senator Cynthia Lummis, who heads the Digital Assets Subcomm Committee. “That’s changing now.”
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Many Democrats are still voting for crypto bills amid Trump’s relationship with the industry
Senate’s efforts to establish “Bipartisan” law for a crypto market structure followed many Democrats The voting of the Republicans To pass a bill to fix payment stablecoins. On June 17, the Chamber passed the guide and establishment of a national change for the US Stablecoins, or the Genius Act, which would go home next to consider.
Massachusetts Senator Elizabeth Warren, a member of the banking committee member and a lawmaker critical of the US President Donald Trump’s contact with the crypto industry, may meet some of the conflicts of the President’s interest in hearing on Tuesday. Warren voted against the Genius Act and has The president was called About the stake and control of his family of World Liberty Financial, a stablecoin that provided.
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