CFTC Chairman Suggests ‘Pause’ to Overhaul Senate Bill Following FTX Debacle

The collapse of crypto exchange FTX may not have happened if the firm was under the Commodity Futures Trading Commission’s watch, the agency’s head argued Thursday.

CFTC Chairman Rostin Behnam, testifying in the first of several congressional hearings on FTX before the Senate Agriculture Committee, said his agency couldn’t have prevented the collapse because FTX wasn’t an entity regulated by his agency. He asked the lawmakers for broader authority to directly oversee spot cash market exchanges, which aren’t regulated by any federal agency now (tokens that are deemed securities are overseen by the Securities and Exchange Commission).

Source: CFTC Chairman Suggests ‘Pause’ to Overhaul Senate Bill Following FTX Debacle