According to The Block, Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated on Monday (6th) that enforcement actions would increase as the interest of retail investors and the value of the cryptocurrency market rise. He expects the next cycle of “enforcement action period” to occur within the next six months to two years.
Behnam spoke at the 27th Annual Milken Institute Global Conference, saying:
“Before Behnam made the above comments, Robinhood, a U.S. online brokerage, revealed on Monday that the Securities and Exchange Commission (SEC) had made a preliminary decision through a Wells Notice, recommending enforcement actions against its cryptocurrency division, accusing it of violating securities laws. Not long ago, Consensys, the developer behind the cryptocurrency wallet MetaMask, and decentralized cryptocurrency exchange Uniswap also revealed that they received Wells Notices from the SEC.
Behnam was also asked about the possibility of the stablecoin bill being passed, to which he responded, “If we were to start giving a percentage, I still think it would be relatively low.” He mentioned that legislative days in Congress are decreasing during election seasons and holidays. Behnam added:
Related report: “S&P Global: If the stablecoin bill passes in the United States, it may reduce Tether’s dominant position.”
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