Biden's pick for CFTC chair wants the agency to be a 'beat cop' with the authority to oversee 60% of digital asset market By Cointelegraph

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Biden's pick for CFTC chair wants the agency to be a 'beat cop' with the authority to oversee 60% of digital asset market

Published Oct 27, 2021 12:44PM ET Updated Oct 27, 2021 02:20PM ET

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Biden's pick for CFTC chair wants the agency to be a 'beat cop' with the authority to oversee 60% of digital asset market

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Acting chairperson of the Commodity Futures Trading Commission, or CFTC, Rostin Behnam has likened the government agency’s enforcement of the digital asset space to a beat cop on duty.

At a Wednesday hearing of the United States Senate Committee on Agriculture, Nutrition, and Forestry to assume his position on a permanent basis, Behnam told chairperson Debbie Stabenow the CFTC has been “aggressively pursuing enforcement cases” in the crypto space for some time, including its $100 million case against crypto derivatives exchange BitMEX and the $42.5 million in fines it levied against Tether and Bitfinex. However, he asked that the committee consider expanding the authority of the CFTC, given the emerging digital asset market.

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