Bitcoin price is currently under the scanner of several speculative theories. With the changing cryptocurrency market situation, financial watchdogs come up with alluring and negative opinions. However, Rostin Behnam, the chairman of CFTC (Commodity Futures Trading Commission), took a different angle on the story.
He claimed that the bitcoin market would boom only because of a regulatory norm. The chairman shared his perspective on crypto regulation by calling it favourable for the market.
Bitcoin price growth guaranteed with regulations
Behnam’s opinion came at a time when the government set boundaries to prevent people from using crypto for illegal uses. Per reports, the optimistic chairman revealed that the funding model incorporated by CFTC is somehow restricting it from adopting regulatory principles which can wipe out bad actors.
He further mentioned his extended support for the bill released by the Senate Agriculture Committee that designated CFTC for regulating the crypto industry. While giving a speech at the NYU school of law, he speculated that the bitcoin price would reach new heights if it kept growing in a regulated environment.
For a considerable part of the time, constructive efforts have been taken towards resolving challenges the crypto industry faces for being a decentralized system. Behnam opines that a well-thought-out regulatory framework can help institutional investors reap benefits from the market.
For years, the CFTC and SEC have fought to determine who will regulate the crypto industry. Both agencies have been reluctant to issue much formal guidance for crypto companies, preferring to set a regulatory precedent through enforcement actions.
Behnam took a jibe at the ongoing dual opinions over the crypto market that have hampered CFTC’s capability to combat the rising crypto crime effectively.