The CFTC Showdown
As our in-depth client report described (see Client Report CRYPTO35), CFTC Chairman Rostin Behnam stoutly insisted that the Commission not only couldn’t have averted FTX’s collapse, but also that it did it all it could within the strict limitations of its authority. What he needed, he said, was more power and, to at least some extent, bipartisan senators on the Senate Agriculture Committee concurred. Those who had worked closely with FTX and the CFTC may have felt they had little choice but to join the CFTC in doubling-down in support of S.4760, the Digital Commodities Consumer Protection Act. This is a bill we previously noted would not stand unnoticed and uncriticized by the Biden Administration, Banking Committee, and progressives calling for stringent crypto standards.