CFTC Chairman Warns of Conflicts of Interest in Senate Deliberation on Cryptocurrency Market Structure Legislation

According to Cointelegraph, the Digital Assets Subcommittee of the US Senate Banking Committee held a hearing on Tuesday to explore the legislative framework for the structure of the cryptocurrency market. Former Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, issued a warning in prepared testimony that regulatory agencies' current trend is unsustainable if regulatory gaps in the cryptocurrency sector are not addressed. He suggested that lawmakers focus on market structure requirements such as customer protection, avoiding conflicts of interest, and market flexibility. The testimony points out that the public's interest in digital assets will not weaken, and if they do not take action, financial markets and investors will face greater risks due to market transparency, fraud, manipulation, corruption, and conflicts of interest. With the increasingly close connection between the digital asset market and traditional financial institutions, concerns about market resilience and financial stability are also intensifying. Earlier today, it was reported that many senators were absent from the bipartisan hearing on the structure of the cryptocurrency market.