According to a report by “The Block,” Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated on Monday (6th) that enforcement actions will increase as retail investors’ interest and the value of the cryptocurrency market rise. He expects the next round of the “enforcement action cycle” to occur within the next six months to two years.
Behnam, speaking at the 27th Annual Milken Institute Global Conference, said:
Before Behnam made the above comments, the U.S. online brokerage Robinhood revealed on Monday that staff at the U.S. Securities and Exchange Commission (SEC) have made a preliminary decision through a Wells Notice, recommending enforcement action against its cryptocurrency division for alleged violations of securities laws. Not long ago, Consensys, the developer behind the cryptocurrency wallet MetaMask, and the decentralized cryptocurrency exchange Uniswap also stated that they had received a Wells Notice from the SEC.
Behnam was also asked about the likelihood of the stablecoin bill passing, to which he responded, “If we were to start giving a percentage, I still think the likelihood is quite low.” He mentioned that the number of legislative days in Congress is decreasing during the election season and holidays. Behnam added:
Related report: “S&P Global: Possible reduction in Tether’s dominance if the U.S. stablecoin bill is passed”