Rostin Behnam, chair of the United States Commodity Futures Trading Commission (CFTC), spoke at the Financial Industry Association Expo 2023 event in Chicago about the agency’s activity in the crypto sphere and the need for up-to-date legislation. He noted that the CFTC Enforcement Division had collected $6 billion in penalties in fiscal year 2023, with 45 of those actions involving digital asset related misconduct. Behnam highlighted the precedent-setting litigation against Ooki DAO, which resulted in the closure of the decentralized autonomous organization (DAO) and a $643,542 penalty. Behnam discussed the limits of the Commodity Exchange Act (CEA) of 1936, which he said creates “real barriers” to engaging in rulemakings and policy. He also addressed the increasing vertical integration of financial markets and the need for customer protections. This contrasted sharply with Securities and Exchange Commission chair Gary Gensler’s position that the CEA should not be tampered with. Behnam also indirectly addressed limitations on the CFTC’s enforcement authority, saying that waiting for victims to suffer and cry out for help “undermines our mission and purpose.” He advocated for additional authority in the crypto space.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	9
People	Rostin Behnam, Gary Gensler
Companies	Financial Industry Association Expo 2023, United States Commodity Futures Trading Commission (CFTC), Ooki DAO, Commodity Exchange Act (CEA), Securities and Exchange Commission (SEC)
Currencies	None
Securities	None