CFTC Chairman warns of regulatory ‘gaps’ in crypto and political betting

Odaily Odaily News: The U.S. Commodity Futures Trading Commission (CFTC) has warned of a "gaps" in the regulation of cryptocurrencies and called for increased scrutiny of the political betting market. CFTC Chairman Rostin Behnam said he would step down on January 20, the day Trump takes office. Rostin Behnam said he was concerned that regulation of digital assets, including Bitcoin and other cryptocurrencies, was still insufficient: "There is still a large part of the digital asset sector that is unregulated in the U.S. regulatory system. Given that some traditional financial institutions have adopted these products, and there is huge demand for these products from retail and institutional investors, we must fill this gap." Behnam believes that many digital tokens are commodities, and regulating the cryptocurrency market is the agency's "mission." He is also concerned about the legality and social impact of betting on politics and other events, as this new market has flourished during the election. He is "very worried" about contracts related to elections, assassinations, terrorism and gambling. As technology and high demand drive the growth of these markets, "the boundaries between legal and illegal will become very blurred." (Financial Times)