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CFTC Chair Rostin Behnam recently expressed concern about the U.S. Commodity Futures Trading Commission’s (CFTC) limited ability to regulate the cryptocurrency market, stating that the agency is “handcuffed” due to stalled efforts to create a legislative framework for digital assets. Speaking at the Securities Industry and Financial Markets Association (SIFMA) annual meeting on Oct. 21, Behnam acknowledged that the lack of regulatory clarity leaves both investors and institutions vulnerable. He remains hopeful, however, that a new Congress and president could push for more progress on crypto regulations.
Behnam explained that without proper legislation, the CFTC’s ability to oversee and police the crypto space is constrained, potentially leading to further risks in the market. This uncertainty is also causing frustration within the financial industry, with firms questioning whether they can operate without facing enforcement actions.
In an effort to enhance its market oversight, the CFTC has begun utilizing artificial intelligence (AI) to analyze data and identify issues such as market manipulation and cyberattacks. Behnam highlighted the potential of AI to streamline compliance and reduce the number of enforcement cases.
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This mirrors similar efforts by the U.S. Treasury, which recently revealed it had used AI to recover $4 billion in fraud and improper payments during fiscal year 2024. Behnam sees AI as a key tool for regulators moving forward, potentially improving market surveillance and investor protection.
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