Joe Biden announced his nominations to fill vacant positions on the US Commodity Futures Trading Commission (CFTC) on September 14. Rostin Benham, who is currently serving as vice president, is also Biden’s new CFTC presidential candidate.
While the candidates are expected to be elected given the majority of Democrats in the Senate, crypto investors are beginning to wonder what these candidates think about cryptocurrencies.
Biden’s presidential candidate Rostin Benham served under the crypto-friendly former president Giancarlo. He has also drawn attention with his statements on cryptocurrencies in the past.
Part of Benham’s speech in 2018 is as follows;
“The CFTC has full authority
These include “smart” contracts that calculate payments in real time and distributed ledger technologies that can challenge traditional market infrastructure over time. They are transforming the world around us, and it is not surprising that these technologies are having an equally transformative impact on the US equity and derivatives markets.
The CFTC has regulatory and compliance authority under the CEA on derivatives on virtual currencies traded in the United States.
Under CEA and Commission regulations and related guidance, exchanges have a responsibility to ensure that Bitcoin futures products and cash settlement processes are not easily tampered with and that the company has enough capital to protect itself. The CFTC has the authority to ensure compliance. Additionally, the CFTC has legal authority over virtual currency derivatives to support fraud and manipulation prevention, including enforcement in underlying markets.
We must raise public awareness about manipulations
I would like to add a comment on education. This is an important aspect of our business. It is our duty to educate the public, inform them about the volatility, temptations, potential for fraud and the consequences of virtual asset trading. This training must be done on a large, perhaps unprecedented scale.
“Blockchain is more than technology”
Blockchain is more than technology: it is an advance that reaches all facets of life. We can use blockchain to tackle the most fundamental problems on our planet: corruption, income distribution, poverty, food and healthcare. And we can use it to combat the fears that billions of people experience every day while trying to survive.
When I was little, I used to come to this building to seek solutions to the world’s problems. Now, today, we may have found one of these solutions: bigger, bolder, more comprehensive, and more effective than anything ever imagined. And as an organizer, I am happy to be a part of your discussion.
We discuss the most fundamental issues through the prism of emerging technology. I am with you in our search, our struggle, to find solutions that bring the human face of this technology ”.
His approach is similar to Gensler’s
We see that the new presidential candidate has a positive belief in Blockchain technology. It is important that Benham see this technology as the key to solving many problems.
Because this approach will ensure that regulatory actions towards cryptocurrencies will not undermine industry and technological progress.
We see that Rostin Benham’s approach is similar to that of Biden’s SEC Director Gary Gensler. “Combat manipulation and fraud and protect investors without hampering technological progress”
After the new CFTC chair is elected, we will be watching what moves will be made towards the crypto money markets.
New Candidates Have Cryptocurrency Experience
Both candidates nominated by Biden for the membership were claimed to have close experience in cryptocurrency.
Former CFTC attorney Daniel Davis said of Kristin Johnson and Christy Goldsmith Romero:
“Both have taught courses in law school related to cryptocurrencies. Ms. Johnson has also written extensively on topics such as financial services regulation and how decentralized finance (DeFi) can fit into the existing regulatory structure with some innovative ideas. If approved, crypto-related issues are expected to be a big part of its agenda. “