The US expects bitcoin to grow due to government regulation

The chairman of the US Commodity Futures Trading Commission (CFTC), Rostin Benham, said that the cryptocurrency market, in particular bitcoin, will have prospects for growth only if there is a regulatory structure.

According to Benham, non-banks will thrive on regulation, regulatory certainty, and a level playing field, as they have enough modern resources to do so. «Growth can happen if there is a well-regulated space. Bitcoin will double in value if the market is controlled by the CFTC,» Benham emphasized.

Despite the statements of the CFTC chairman, the regulator’s budget is currently too limited to effectively control the crypto industry. According to representatives of the Commodity Futures Trading Commission, it is necessary to increase the regulator’s funding, improve the skills of employees in the crypto sphere and develop appropriate rules. «In approximately 60 cases brought by the CFTC, we had to rely solely on whistleblowers, customer complaints, and tips that come to us,» explained Rostin Benham.

In early September, the chairman of the Commodity Futures Trading Commission said that the agency was ready to take on the role of regulating cryptocurrencies if it received sufficient authority to do so. However, not everyone agreed with this idea, including the regulators themselves. Thus, CFTC Commissioner Caroline Pham believed that the introduction of laws to regulate cryptocurrencies would give regulators too much power and could negatively affect the activities of companies.