The CFTC regulation might alter the way the crypto market currently works by inducing growth, Rostin Behnam, the Chairman of the Commodity Futures Trading Commission noted. He further stated that this crypto regulation might induce the Bitcoin price to be pushed to grow over double of what it stands today. Behnam’s statement mentioned that the CFTC regulation was necessary for the domain to grow and he said that:
“Growth might occur if we have a well-regulated space. Bitcoin might double in price if there’s a CFTC-regulated market. Non-bank (referring to the crypto sector) institutions thrive on regulation, they thrive on regulatory certainty, and they thrive on a level playing field because they are the smartest, the fastest, and the most well-resourced.”
Need For The CFTC Regulation
The latest crypto news also identifies that the statement by the CFTC Chairman is in line with the global need for a unanimous regulation for the crypto market. This is due to the fact that the unregulated sector has been causing harm to individuals and companies around the world, which spurred a need for global crypto regulation. The market volatility, increasing crypto scams, crypto crashes, and crypto winter have affected millions of people worldwide just because the domain stands unregulated in most parts of the world.
Behnam also went on to say that he had extended support to a bill that the Senate Agriculture Committee would pass that would license the CFTC to make any and all decisions regarding the crypto domain. He added that this act might resolve the ongoing dispute between the CFTC and the United States Securities Commission Exchange (SEC) as to who would regulate which part of the industry. The bill would also permit the CFTC regulation to frame clauses for imposing fines.
Bitcoin Price Today
After the latest crypto news broke out, the Bitcoin price today was up by 3.24% and traded at $19,357.61 at the time of writing on Thursday, September 29, 2022. The market capitalization stood at $370.68 billion, increasing by 3.18%. However, the 24-hour trade volume of BTC slipped by 10.98% and was at $48.89 billion. The day’s high was recorded at $19,688.34 while the low was $18,610.66. Moreover, the market had crashed yesterday and BTC bled hard. This is why today’s slight price rise is not that notable.