Even with the US government convening about FTX, a lot of unknowns are still up in the air.
United States Commodity Futures Trading Commission Chairman Rostin Behnam told a Senate Agriculture, Nutrition and Forestry Committee meeting Dec. 1 that his agency’s regulations contain “core elements that have served the markets for decades.” But as the fallout from the FTX collapse gets sorted out, notable gaps in current legislation have come to light, Behnam and the senators agreed.
Senator Tina Smith called FTX’s collapse “shocking, not surprising,” and said that future crises will continue to occur as long as regulatory gaps remain. Behnam pointed out that the Securities and Exchange Commission has the authority to mandate basic safeguards, such as separation of house and customer money and best execution of investment trades.
“I think the responsibilities would be the same,” between the SEC and CFTC with comprehensive regulation, and CFTC regulation works well when it is applicable.and FTX subsidiary LedgerX as an example of successful CFTC regulation.
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