FTX’s Downfall Shows CFTC Needs More Crypto Sway, Chairman Says
- Collapse should expedite push for crypto oversight: CFTC chair
- Impact of implosion on financial institutions remains unknown
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The collapse of Sam Bankman-Fried’s FTX crypto exchange adds urgency to a Washington push to transform the Commodity Futures Trading Commission into a top crypto watchdog, according to the head of the derivatives regulator.
CFTC Chairman Rostin Behnam said the implosion of FTX, whose swift and dramatic downfall culminated in a bankruptcy filing last week, is an example of why his agency needs more power to oversee cryptocurrency operations and trading.