{"id":194420,"date":"2023-10-02T21:25:52","date_gmt":"2023-10-02T21:25:52","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194420"},"modified":"2023-10-02T21:25:52","modified_gmt":"2023-10-02T21:25:52","slug":"one-third-of-all-cftc-crypto-enforcement-actions-took-place-this-year-chair-behnam","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/one-third-of-all-cftc-crypto-enforcement-actions-took-place-this-year-chair-behnam\/","title":{"rendered":"One-third of all CFTC crypto enforcement actions took place this year: Chair Behnam"},"content":{"rendered":"

United States Commodity Futures Trading Commission (CFTC) chair Rostin Behnam highlighted his agency\u2019s activity in the crypto sphere and the need for up-to-date legislation at the Financial Industry Association Expo 2023 event in Chicago. He described the CFTC Enforcement Division\u2019s efforts as a \u201cnonstop drumbeat.\u201d<\/p>\n

In the text version of his keynote address to the industry group, Behnam recounted the $6 billion his agency collected in penalties in fiscal year 2023. He added: <\/p>\n

\u201c45 of those [enforcement] actions this fiscal year involved digital asset related misconduct, representing over 34% of the 131 such actions brought by the Commission since 2015.\u201d<\/p><\/blockquote>\n

Behnam singled out the \u201cprecedent-setting litigation\u201d his agency won against Ooki DAO, which resulted in the closure of the decentralized autonomous organization (DAO) and netted a $643,542 penalty. In its default judgment against Ooki DAO, the U.S. District Court for the Northern District of California found that the DAO was a \u201cperson\u201d under the Commodity Exchange Act (CEA) of 1936. <\/p>\n

Behnam returned to the CEA when he discussed the agency\u2019s future direction. \u201cThe cornerstone of our latest era is disintermediation brought about by groundbreaking technology: DeFi, AI, and standard WiFi,\u201d he said, but:<\/p>\n

\u201cThe limits in the CEA established in essentially another era create real barriers to engaging in rulemakings and policy that is necessary to our mission, but just beyond our scope.\u201d<\/p><\/blockquote>\n

Furthermore, those limits \u201cforc[e] the agency to engage in increasingly resource intensive quests for assurances that we are acting within the bounds of our intended remit.\u201d <\/p>\n

Vertical integration\u00a0\u2014 an \u201coutgrowth of electronification and the promise of DeFi\u201d\u00a0\u2014 is occurring throughout financial markets and leading to egulatory concerns, and \u201ccustomer protections mean something different now,\u201d according to Behnam.<\/p>\n

Related: CFTC commissioner calls for crypto regulatory pilot program<\/em><\/strong><\/p>\n

Behnam\u2019s statements contrasted sharply with Securities and Exchange Commission chair Gary Gensler\u2019s position that Depression-era financial legislation \u201chas been quite a benefit to investors and economic growth over the last 90 years,\u201d and should not be tampered with. <\/p>\n

Behnam also indirectly addressed limitations on the CFTC\u2019s enforcement authority. \u201cTo suggest that [\u2026] we must wait until victims suffer and cry out for help to be proactive [\u2026] undermines our mission and purpose,\u201d he said. \u201cI have continued to advocate for additional authority in the crypto space,\u201d he added later.<\/p>\n

Magazine: Cleaning up crypto: How much enforcement is too much?<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

United States Commodity Futures Trading Commission (CFTC) chair Rostin Behnam highlighted his agency\u2019s activity in…<\/p>\n","protected":false},"author":4,"featured_media":194419,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nOne-third of all CFTC crypto enforcement actions took place this year: Chair Behnam - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/one-third-of-all-cftc-crypto-enforcement-actions-took-place-this-year-chair-behnam\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One-third of all CFTC crypto enforcement actions took place this year: Chair Behnam - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"United States Commodity Futures Trading Commission (CFTC) chair Rostin Behnam highlighted his agency\u2019s activity in...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/crypto\/one-third-of-all-cftc-crypto-enforcement-actions-took-place-this-year-chair-behnam\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-02T21:25:52+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/10\/One-third-of-all-CFTC-crypto-enforcement-actions-took-place-this-year-Chair-Behnam.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/one-third-of-all-cftc-crypto-enforcement-actions-took-place-this-year-chair-behnam\/\",\"url\":\"https:\/\/tokenstalk.info\/crypto\/one-third-of-all-cftc-crypto-enforcement-actions-took-place-this-year-chair-behnam\/\",\"name\":\"One-third of all CFTC crypto enforcement actions took place this year: Chair Behnam - 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