- Rostin Behnam, CFTC chairman, said he would keep regulating non-security tokens.
- CFTC said it could fix regulatory issues but relied on Congress to pass legislation.
- Bankruptcies, failures, and runs to justify CFTC regulation of cryptocurrencies.
The chairman of the United States Commodity Futures Trading Commission, or CFTC, Rostin Behnam, stated that he would continue efforts to regulate non-security tokens.
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In statements presented for an American Bar Association event, Behnam cited bankruptcies, failures, and runs as justification for Congress to provide the CFTC authority to regulate cryptocurrencies.
Rostin Behnam stated:
Regulation is necessary to protect customers and to prevent failures which cannot predictably be contained within any boundaries across the domestic and global financial markets. Regardless of whether one or many occur in 2023 or 2033, we must act. There is a new Congress, and I will continue to engage and provide technical assistance to draft legislation, as requested.
Furthermore, Chair of the Commodity Futures Trading Commission (CFTC) stated that the commission was well-positioned to remedy any regulatory deficiencies but deferred to U.S. lawmakers to pass legislation.
In other news, Logan Paul is the target of a class action lawsuit. According to a recent Reddit post, the lawsuit was submitted to the Western District of Texas on February 2, 2023. According to the story, Logan Paul’s employees also included Danielle Strobel, Jeffrey Levin, Eduardo Ibanez, Crypto King, and Ben Roth.
Logan was also accused of failing to disclose that the project was non-functional and of omitting to supply promotional materials, as well as of fraud, breach of contract, and misleading marketing. Despite the court case, the accused has not yet made a statement to the public.
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