Crypto Crackdown Is ‘Tip of the Iceberg’ as CFTC Seeks More Powers
The nominee to lead the U.S.’s top swaps regulator has a warning for lawmakers: Crypto misconduct the agency has already exposed is “the tip of the iceberg” and it likely needs more authority to police the white-hot market. Rostin Behnam, the Biden administration’s pick to head the Commodity Futures Trading Commission, said the explosive growth of digital tokens means Congress might have to step in to ensure the watchdog has the tools it needs to crackdown. The CFTC has closely scrutinized the industry since green-lighting Bitcoin futures in 2017. But its powers are mostly limited to overseeing derivatives.