CFTC: New US Crypto Rules Could Take Years to Be Ready
Even if Congress passes new legislation to create a clearer route for digital assets to be considered commodities, don’t expect US crypto regulations to be put into place rapidly.
Rostin Behnam, Chair of the Commodity Futures Trading Commission, informed the House Agriculture Committee that it would take a substantial amount of time to implement even with extra funding.
He estimated about one to two years with additional resources, or three to four years without.
Behnam also mentioned a “gap” for digital tokens not identified as securities, extending for the CFTC to have authority over digital asset spot markets.
Democratic Representative David Scott from Georgia, the leading figure of the committee Behnam testified to, remarked that it’s essential to supply appropriate funding for this vital task.
As of now, the CFTC has requested an additional 10% of funds for their annual budget, going from $365 million to $411.14 million.
