U.S. CFTC Chairman urges Congress to take action to formulate cryptocurrency regulations as soon as possible

ChainCatcher news, according to CoinDesk, U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam urged Congress to take swift action to establish cryptocurrency regulations. Although Senate Agriculture Committee Chair Debbie Stabenow (D-Mich.) stated that her latest proposal for regulating the crypto market is about to be submitted to committee members, senior Republican member John Boozman (R-Ark.) indicated that feedback from industry leaders suggests the proposal has not yet garnered sufficient support.

Behnam emphasized that Congress's failure to establish a regulatory framework not only harms investor interests but also puts the U.S. at a disadvantage in global competition. The Senate Agriculture Committee has been working to develop relevant legislation aimed at granting the CFTC the authority to regulate spot trading of digital commodities. Stabenow hopes to share specific legislative language with committee members by the end of this weekend.