On October 21, Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), shared his optimism that the United States Congress may pass comprehensive crypto legislation after the 2024 presidential election.
CFTC Chair Foresees Crypto Legislation by 2025
Behnam predicted that formal crypto legislation is unlikely to gain momentum before 2025, stating, “I think as we look into 2025 – a new congress, a new president – that you’re likely going to see some legislation.” He shared these insights during an interview with Law360, emphasizing that while significant legislative action may not happen by year-end, the upcoming election has spurred renewed interest in digital assets and technology.
Behnam also pointed out that the CFTC is currently “handcuffed” in its ability to effectively regulate the crypto market, which leaves both the market and its customers vulnerable.
Progress on Crypto Legislation
These comments come amid ongoing efforts to regulate digital assets in the U.S. Both Republican candidate Donald Trump and Democratic candidate Kamala Harris have taken steps to engage with the blockchain sector in the lead-up to Election Day.
Earlier this year, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to provide federal guidelines for the digital asset industry. However, the Biden administration voiced opposition to the bill, claiming it did not offer sufficient protections for consumers and investors.
Despite the bill, sponsored by Rep. Glenn Thompson, gaining some support, it has yet to make progress in the Senate. A more crypto-friendly administration following the election could breathe new life into advancing clearer regulatory frameworks for digital assets.
With the 2024 U.S. presidential election race neck-and-neck between Harris and Trump, the outcome remains uncertain. But Behnam’s remarks offer a glimmer of hope that significant legislative changes could be on the horizon by 2025.
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