{"id":64909,"date":"2022-07-26T16:37:23","date_gmt":"2022-07-26T13:37:23","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64909"},"modified":"2025-09-06T17:02:27","modified_gmt":"2025-09-06T14:02:27","slug":"cftc-to-create-new-division-to-oversee-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cftc-to-create-new-division-to-oversee-cryptocurrencies\/","title":{"rendered":"CFTC to create new division to oversee cryptocurrencies"},"content":{"rendered":"<p>CFTC Chairman Rostin Behnam <a href=\"https:\/\/www.brookings.edu\/events\/the-future-of-crypto-regulation\/\"><a href=\"https:\/\/u1f987.com\/en\/news\/us-senate-unveils-bipartisan-bill-to-regulate-crypto-industry\">announced<\/a> the creation of the Office of Technology Innovation, which will regulate the crypto industry.<\/p>\n<p>During a Brookings Institution\u2013organised panel, The Future of Crypto Regulation, Behnam said:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe have passed the incubation phase. Digital assets and decentralized technologies have outgrown their sandboxes.\u201d<\/p>\n<\/blockquote>\n<p>The new department will replace the agency\u2019s existing fintech division, LabCFTC. In addition to the renaming, the CFTC will expand the division\u2019s staff. Employees will have the opportunity to undertake internships to gain experience in digital currencies.<\/p>\n<p>In June, Senators Cynthia Lummis and Kirsten Gillibrand <a href=\"https:\/\/u1f987.com\/en\/news\/us-senate-unveils-bipartisan-bill-to-regulate-crypto-industry\">introduced<\/a> a bipartisan bill to regulate the crypto industry. According to the provisions of the bill titled &#8216;Responsible Financial Innovations Act&#8217;, the majority of cryptocurrencies fall under the CFTC\u2019s jurisdiction as digital commodity tokens.<\/p>\n<p>Behnam said that he is encouraged by legislative efforts to form a more consistent regulatory approach. This would bolster efforts to counter illicit activities that harm investors, he added.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe absence of comprehensive regulation applicable to market participants in digital assets has led to inconsistent practices in areas such as trade execution, conflicts of interest, reporting, and cybersecurity,\u201d the official noted.<\/p>\n<\/blockquote>\n<p>Back in October 2021, Behnam, as a candidate for the CFTC chair, <a href=\"https:\/\/u1f987.com\/en\/news\/us-congress-to-consider-bill-granting-cftc-oversight-of-crypto-exchanges\">proposed making the agency the main regulator of the cryptocurrency market<\/a>. He was <a href=\"https:\/\/u1f987.com\/en\/news\/rostin-behnam-named-chair-of-the-cftc\">confirmed<\/a> to the post in December.<\/p>\n<p>In June 2022, Securities and Exchange Commission Chair Gary Gensler said he planned to enter into agreements with the CFTC and other federal agencies <a href=\"https:\/\/u1f987.com\/en\/news\/gary-gensler-sec-to-regulate-the-crypto-market-jointly-with-the-cftc\">to strengthen oversight of the industry<\/a>.<\/p>\n<p>Follow ForkLog\u2019s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CFTC Chairman Rostin Behnam announced the creation of the Office of Technology Innovation, which will regulate the crypto industry.<\/p>\n","protected":false},"author":1,"featured_media":64910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[879,36],"class_list":["post-64909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cftc","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=64909"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64909\/revisions"}],"predecessor-version":[{"id":64911,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64909\/revisions\/64911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/64910"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=64909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=64909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=64909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}