A group of congress members recently requested information from the Commodity Futures Trading Commission (CFTC) on the digital asset marketplace.
Specifically, they want to know about its rapid growth, its use among retail customers, and the CFTC’s role in protecting customers from fraud and abuse.
“More and more Americans are trading digital assets like Bitcoin, but there’s still a lot we don’t know about the risks,” Sen. Debbie Stabenow (D-MI), chair of the U.S. Senate Agriculture, Nutrition, and Forestry Committee, said. “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.”
Stabenow was one of four lawmakers who sent a joint letter to CFTC Chair Rostin Behnam with the inquiry. She was joined by Sen. John Boozman (R-AR), ranking member of the committee, along with Rep. David Scott (D-GA), chair of the House Agriculture Committee, and Rep. Glenn Thompson (R-PA), ranking member on the committee.
“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,” Boozman said.