Behnam believes that Bitcoin would thrive if financial professionals were more familiar with the unregulated jurisdiction.
Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam said on Thursday that Bitcoin might “double in price” if it traded in a CFTC-regulated market.
The chairman added;
“the crypto industry had a massive opportunity for institutional inflows that will only occur if there’s a regulatory structure.”Rostin Behnam
The skeptics have intensified their scrutiny of the crypto market internationally, from South America to Brazil. USDT’s legal troubles stateside have also become more widely known as well.
Gladly, Japan and the UAE among other governments also appear to be interested in embracing crypto and Web3 as a gateway to new development.
CFTC and Regulation
The Commodities Futures Trading Commission’s (CFTC’s) current funding model and resources protected it against pursuing wider regulation of the cryptocurrency industry, which helps weed out scammers.
The chairman of the Commodities Futures Trading Commission once said that the number of cases investigated by the CFTC depended on whistleblowers, consumer complaints, and tips, as a result of insufficient funding to pursue its investigations.
The chairman stated that in addition, he supported a bill introduced to the U.S. Senate Agriculture Committee which designates the Commodity Futures Trading Commission (CFTC) as the principal regulator of cryptocurrencies.
The big question now is whether this bill will be adopted or swept under the carpet like in previous cases.