U.S. CFTC Chairman warns: Senate should be wary of conflicts of interest when reviewing crypto market structure legislation

PANews June 25 news, according to Cointelegraph, the U.S. Senate Banking Committee Digital Assets Panel held a hearing on Tuesday to explore the legislative framework for the cryptocurrency market structure. Former Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam warned in his pre-prepared testimony that the "current trend" of regulators is unsustainable if regulatory gaps in the cryptocurrency field are not addressed. He suggested that lawmakers focus on market structure requirements such as "customer protection, avoiding conflicts of interest, and market resilience." The testimony pointed out that the public's interest in digital assets will not wane, and if no action is taken, financial markets and investors will face greater risks due to lack of market transparency, fraud, manipulation, corruption, and conflicts of interest. As the digital asset market becomes more closely connected with traditional financial institutions, concerns about market resilience and financial stability are also increasing.

Earlier today, it was reported that many senators were absent from the "bipartisan" hearing on the cryptocurrency market structure.