Bipartisan lawmakers from the U.S. House and Senate Agriculture Committees have requested clear information from the chair of the Commodities Futures Trading Commission (CFTC) about the crypto industry and their role in monitoring it and taking enforcement actions. The CFTC chair Rostin Behnam intends to expand the regulator’s authority over the crypto market. Democrats and Republicans from the Senate and House Agriculture Committees agreed that the agency plays a “critical role“. In a letter that Bloomberg described as “a rare show of bipartisanship in a divided Congress”, the lawmakers asked chair Benham to answer several questions in order “To understand the scope and size of digital asset markets, the benefits and risks presented by these emerging technologies” and “the role of the Commission with respect to these markets”. “The CFTC has a critical role to play to ensure the integrity of digital asset markets. While some of these technologies have the potential to modernize the financial system, it is imperative that customers are protected from fraud and abuse and that these markets are fair and transparent.” The lawmakers approached the risks of the crypto industry and called for the CFTC to widen their engagement to protect consumers from losses and scams. The letter details alleged risks from the industry and reiterated that the CFTC is enabled by the Commodity Exch...
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