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The Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, conveyed a sense of hope on October 21 that Congress might enact cryptocurrency legislation in the United States after the 2024 presidential election.
CFTC Chair Rostin Behnam Anticipates New Legislation For 2025
“As we look ahead to 2025 – with a new congress and a new president – it is likely that we will see some legislative action,” Behnam informed the audience.
I am eager to address the SIFMA Annual Conference in New York today.
— Rostin Behnam (@CFTCbehnam) October 21, 2024
The CFTC chair reportedly mentioned to Law360 that he expects formal cryptocurrency legislation to not gain momentum until 2025.
“I’m not counting on anything occurring by the end of the year, but there is a distinct interest that this election has generated regarding digital assets and technology,” Behnam is said to have told the legal news outlet.
Furthermore, he indicated that the federal agency is “really constrained” in its ability to manage the cryptocurrency sector, resulting in “vulnerable customers” and a “highly susceptible market.”
Progress in Crypto Legislation
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Behnam’s remarks come at a time when there is increasing attention on the effective regulation of digital assets, with Republican candidate Donald Trump and Democratic candidate Kamala Harris both seeking to engage the blockchain community as Election Day approaches.
At the same time, U.S. lawmakers have made multiple efforts to push forward a cryptocurrency policy framework, though these attempts have not succeeded.
In May, the U.S. House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21) to establish federal guidelines for the digital asset sector.
“FIT21 is an initial step toward creating a regulatory framework for digital assets – and it must be enhanced through collaboration with the Senate and the Administration,” Speaker Nancy Pelosi stated at that time. “While laying the groundwork for responsible innovation, we must take additional measures to bolster protections for consumers, investors, and taxpayers.”
However, the Biden administration subsequently issued a statement expressing its opposition to the bill, asserting that it lacks “adequate protections for consumers and investors involved in certain digital asset transactions.”
Despite appeals from the cryptocurrency community for a clear regulatory framework, the bill sponsored by Rep. Glenn Thompson has not yet gained traction in the Senate.
Nonetheless, a crypto-friendly incoming administration could bring renewed optimism for advancing equitable regulatory initiatives. However, with national polls showing a near tie between Harris and Trump, the outcome of the 2024 U.S. presidential election remains uncertain.
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