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U.S. Regulators Considering Plan B If Congress Fails to Act on Crypto

Financial market regulators are considering steps they could take to rein in the crypto market if Congress doesn’t pass legislation, said top derivatives regulator. “In the absence of clear direction from Congress, which I know they’re working on, it’s our responsibility to work together and to come up with solutions to the extent that we’re able to within the authority that we currently have,” Commodity Futures Trading Commission Chairman Rostin Benham said Monday in an interview with Bloomberg News. Crypto firms have been looking for clarity on the regulations they should follow. Many have pushed for the CFTC to take on an expanded role--an idea backed by a recent bipartisan bill introduced in the House. Currently, the regulator’s powers are limited to policing derivatives based on Bitcoin and Ether and investigating fraud or manipulation in underlying crypto markets. Meanwhile, Securities and Exchange Commission Chair Gary Gensler has said he thinks most digital assets are securities that are subject to his agency’s rules.

May 9, 2022

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