Ex-US top regulator warns of conflicts of interest as Senate weighs market structure
The US Senate Banking Committee’s digital assets subcommittee will hear testimony from former CFTC Chair Rostin Behnam and lawyers at Coinbase and Multicoin Capital.
Update (June 24 at 7:25 pm UTC): This article has been updated to reflect Elizabeth Warren’s role on the Senate Banking Committee.
On Tuesday, the US Senate Banking Committee’s digital assets subcommittee is scheduled to hear testimony from former regulators and industry leaders in consideration of legislation to establish a digital asset market structure framework.
In prepared testimony for the Tuesday hearing, former Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam said the regulator’s “current trajectory [was] not sustainable” without addressing gaps for cryptocurrencies. He suggested that lawmakers consider market structure requirements focusing on “customer protections, avoidance of conflicts of interest, and market resiliency.”
