After the FTX exchange collapsed last year, Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), urged lawmakers on the Senate Banking Committee to take action to prevent larger risks in the future in December of the same year. Now, almost a year later, at the 2023 Financial Market Quality Conference at Georgetown University, CNBC reporters asked Rostin Behnam if there had been any changes in the regulatory environment since then. In response, Rostin Behnam stated that, from a legislative and regulatory perspective, the cryptocurrency market has almost not changed from a year ago, but the market environment itself is very different from a year ago, with the investment enthusiasm for cryptocurrencies having calmed down.
Currently, the CFTC is still waiting for new authorization from Congress to regulate the cryptocurrency market. Since the FTX incident, U.S. lawmakers have been seeking legislation to grant the CFTC jurisdiction over the cryptocurrency market, with one bill being approved by a House committee and requiring a vote by the entire House, but this Republican-led bill has not yet gained support from the Democratic-controlled Senate. Rostin Behnam expressed his frustration, stating: