CFTC Head Urges Congressional Action On Crypto While SEC Leader Says Crypto Rulemaking Is "Years Away"

In congressional testimony on Thursday, September 15, U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam urged U.S. Senators to pass a bill that would explicitly grant the CFTC broad regulatory oversight over the cryptocurrency market. His remarks are the latest in a series from regulators who have struggled with questions over whether they have jurisdiction over the emerging, and rapidly growing, cryptocurrency market.

While he noted that the legislation was not perfect – saying that it was a "step in the right direction" – Chairman Behnam's comments indicate that regulatory agencies would strongly prefer that their jurisdiction on this matter be made explicit via direct congressional action. Such an attitude is not a surprise, given that proposed rulemaking on crypto has resulted in significant backlash from the industry, with promises to tie up proposed regulations in administrative lawsuits if they are adopted and instead advocating for a