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29 Sep 2022

CFTC chair: BTC price ‘might double’ with more regulation of crypto markets

Rostin Behnam, chair of the Commodity Futures Trading Commission, is continuing the CFTC's charm offensive with the crypto industry by floating a price boost for Bitcoin if the panel receives more direct authority over crypto markets. 

Speaking at a panel at New York University first covered by CoinDesk, Behnam reportedly said “Bitcoin might double in price if there’s a CFTC-regulated market.”

“These incumbent institutions in the crypto space see a massive opportunity for institutional inflows that will only occur if there’s a regulatory structure around these markets,” Behnam continued.

Behnam's remarks come as he pushes for legislation to give the agency he chairs more direct oversight in crypto markets. The CFTC and Securities and Exchange Commission both oversee markets, with the CFTC regulating derivatives and futures while the SEC regulates securities investments. SEC Chair Gary Gensler has expressed concern over the possibility multiple regulators on the crypto beat. 

Senate Agriculture Committee Chair Debbie Stabenow (D-Mich.), who Benham used to work for as a staffer, says the bill may receive a committee vote before the end of this Congress, though passage through the entire Senate this year looks unlikely. 

Former Treasury Secretary Larry Summers also told an audience at Circle's Converge22 event last night that increased regulation could be a boon to the digital asset industry. 

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