House, Senate Ag leaders ask Behnam for guidance on digital assets
Senate Agriculture Committee Chairwoman Debbie Stabenow, D-Mich., Senate Agriculture ranking member John Boozman, R-Ark., House Agriculture Committee Chairman David Scott, D-Ga., and House Agriculture ranking member Glenn “GT” Thompson, R-Pa., sent a joint letter to Commodity Futures Trading Commission Chairman Rostin Behnam on Wednesday asking for more information on the digital asset marketplace.
In the letter, they congratulated Behnam, a former aide to Stabenow, on his recent Senate confirmation but noted that at his confirmation hearing, “You also mentioned, however, that we have only seen the ‘tip of the iceberg’ with respect to digital assets, and you requested that our committees consider expanding the CFTC’s regulatory authority in this area.”
In the letter, they jointly asked Behnam to answer a series of questions, but each of the four issued a separate statement as well.
“More and more Americans are trading digital assets like Bitcoin, but there’s still a lot we don’t know about the risks,” said Stabenow. “Given the CFTC’s experience with these markets, we are calling on Chairman Behnam and his staff to help us further understand the benefits and risks presented by digital assets and related emerging technologies. I look forward to working with the commission and my colleagues on the Agriculture committees to make the digital asset marketplace a safer place for investors.”
“As both institutional and retail investment in digital assets continue to grow, it’s important Congress gain a better understanding of these financial instruments and the proper role regulators should play to encourage innovation while also protecting consumers. I look forward to working with my colleagues on both the Senate and House Agriculture committees, as well as the CFTC and market stakeholders, as we identify the appropriate oversight needs in digital asset spot and derivative markets,” said Boozman.
“As the digital asset industry continues to rapidly expand, we must ensure that both Congress and the CFTC conduct thoughtful oversight of the industry and are providing adequate regulatory clarity and protections for investors and consumers. I’m proud to join this bipartisan group of leaders from the House and Senate Agriculture committees to engage the CFTC on their work and important role to ensure responsible growth of the digital asset industry,” said Scott.
“Like many Americans, I am excited by the potential of digital assets to transform financial markets and commerce, but we must ensure there is effective and fair oversight holding bad actors accountable and protecting customers. The CFTC’s role in this effort is critical, and they know the right balance to maintain a free market approach and transparency. I look forward to Chairman Behnam’s feedback as we work together to achieve this common goal,” said Thompson.
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