FTX’s Rapid Demise Stokes US Fight Over Who Will Regulate Crypto Exchanges
- CFTC chief doubles down on legislation that would tap agency
- Critics urge go-slow approach to bill backed by Bankman-Fried
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If one of the chief US financial watchdogs has his way, the collapse of Sam Bankman-Fried’s FTX will shift into high gear a push to make his agency the main Bitcoin regulator and give it oversight of crypto exchanges.
On Thursday, Rostin Behnam, chairman of the Commodity Futures Trading Commission, testified at the first congressional oversight hearing on the spectacular implosion of crypto platform FTX. He told members of the Senate Agriculture committee about the need to move forward with legislation to bring more of the industry onto his agency’s turf.