The chairperson of the U.S. Commodity Futures Trading Commission (CFTC) Rostin Behnam is warning that the crypto industry is likely to face more headwinds from regulators over the coming months.

Speaking at the 2024 Milken Institute Global Conference, the CFTC chair says that the crypto industry will “probably see in the next six to 18 months or six to 24 months another cycle of enforcement actions” amid “asset appreciation and [renewed] interest by retail investors.”

According to Behnam, the goal of the enforcement actions is to protect investors.

“Without a regulatory framework, without that transparency, without those tools that we typically use as regulators, you are going to continue to see this fraud and manipulation.

And putting aside the legitimacy and where this technology may go and what role it might play in our economy and commerce, the internet, digital assets generally… we just have to think about things from a regulatory and consumer protection standpoint. And I think that needs to be our guiding light in terms of driving this conversation, filling these regulatory gaps and creating this framework that’s ultimately going to protect American investors.”

The CFTC chair also says there’s “common ground” among US lawmakers on the kind of regulations that crypto assets require.

“There’s a sustainability to this asset class. There’s obviously been a growth over the past six months. And obviously, we have to deal with a lot of bad events from 2022 that scarred the industry…

…but the fact of the matter is even though or despite what happened in 2022, here we find ourselves with a growing market, growing capital investment and growing market capitalization and I think a renewed interest by a lot of the entrepreneurs.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

Two United States Senators are want answers from the Chair of the Commodities and Futures Trading Commission (CFTC) over his connections to the disgraced founder of FTX, Sam Bankman-Fried.

In a new letter to CFTC Chair Rostin Behnam, US Senators Elizabeth Warren and Charles Grassley probe his relationship with Sam Bankman-Fried, who is currently serving prison time for his role in the FTX collapse.

“We write to renew requests for an accounting of all meetings and correspondence between you and Sam Bankman-Fried during your tenure as Chair of the Commodity Futures Trading Commission (CFTC). Mr. Bankman-Fried was sentenced last month to 25 years in prison for stealing $8 billion from users of the cryptocurrency exchange FTX. 

This punishment, while appropriate, provided cold comfort for his victims, who will never be made whole financially. Safeguarding the savings and retirements of Americans requires Congress and market regulators like the CFTC to determine how this multi-billion-dollar crime was allowed to happen.”

The letter requests a full account of all meetings, phone calls, and written correspondence between Behnam’s team and Bankman-Fried’s, including dates, meeting minutes, and copies of all written correspondence.

Furthermore, the letter also asks for a list of all conversations about Bankman-Fried, FTX, Alameda Research, or any associated executives involving Behnam or any CFTC employee.

The letter, signed by Warren and Grassley, requests the information by April 29, 2024. The Senators claim this info will help them and the American public understand the nature of Behnam’s correspondence with Bankman-Fried in the months leading up to the public revelation of his crimes.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/EB Adventure Photography

Data Nerd Data on December 13 shows that over the past 24 hours, the wallet “0xea8” moved 200 million BUSD from Binance, the world’s leading cryptocurrency exchange by client count.

The whale transfer caught the attention of keen crypto users, who also noted that the transfer was soon followed by a deposit of 99.95 million FDUSD, a stablecoin supported by the exchange.

Whale Address Accumulating FUSD Stablecoin On Binance

That the address is shuffling and accumulating large amounts of stablecoins is noteworthy. Data Nerd Data shows that the address has transferred over 781 million FDUSD to Binance in the last four months.

During this period, from around September, the crypto market has been recovering, edging higher on the back of improving fundamental factors.

The accumulation of over $781 million of stablecoin by the wallet controlled by an unknown individual or entity is overly bullish for crypto and Bitcoin prices.

It could suggest that a large institutional investor or group of investors is amassing stablecoins, potentially preparing for a significant market move.

Historically, large movements of stablecoins into centralized exchanges have often preceded major bull runs. 

Stablecoins are vital for crypto, ensuring there is enough liquidity. Since most are pegged to the USD and can be backed by fiat, these tokens, mostly minted on Ethereum or Tron, are often used as a gateway to crypto. Therefore, their accumulation can signal increased institutional interest and potential buying pressure.

Is A Mega Bitcoin And Crypto Rally In The Making?

That the wallet address is fortifying its FDUSD base reinforces the notion that institutional investors, ahead of the possible approval of the first batch of Bitcoin ETFs in the United States, could be increasingly warming up and preparing for leading coins like Bitcoin and Ethereum to extend gains in 2024. 

When writing on December 13, Bitcoin and top altcoin prices are relatively stable. To illustrate, Bitcoin is trending higher, stable above the $41,000 level after pulling back from 2023 highs of around $44,000. Crypto participants are bullish and expect Bitcoin prices to float even higher in 2024 before halving.

Binance will stop supporting BUSD in 2024. The exchange has also delisted USDC. Accordingly, USDT and FUSD are popular on Binance. However, the exchange continues to be on the Securities and Exchange Commission’s (SEC) crosshairs. 

In late November, the Department of Justice (DOJ) issued a $4.3 billion penalty on Binance as settlement with the SEC, Commodity Futures Trading Commission (CFTC), and other aggrieved agencies in the United States. The deal also saw Changpeng Zhao, the founder of Binance, step down from the CEO role.

Feature image from Canva, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.