The Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam believes that the national security of the United States (US) will be threatened if cryptocurrencies become widespread, resulting in the need for some regulations to be implemented.
The senator rejected Behnam's opinion, stating that the regulation of the crypto market is now so weak that FTX, one of the largest crypto exchange companies in the world, has experienced destruction overnight.
Not only that, the lack of integrity of FTX's leadership also caused the company to file for bankruptcy after dissipating a number of its customers' assets worth billions of dollars.
It was also made clear that the digital asset would always exist even if the US government had banned its residents from using the Bahamas-based FTX service, commenting on a conversation between Behnam and a member of the Senate Agriculture committee.
He added that the following should not happen because most individuals will do their best to find other alternatives to enter the crypto market even if the US bans them or there are other obstacles.
The streak, Behnam ordered the legislators to enact regulations and monitor crypto trading so that the market is always safe to use without fraud.
This follows because FTX is accused of secretly using its customers' money to make bets through Alameda Research, a trading company established by the former Chief Executive Officer (CEO) of FTX, Sam Bankman-Fried.
Due to the following difficulties, the responsible party should carry out exchanger registration, monitoring of market activities as well as direct contact with traders who hold their customers' money so that fraud such as FTX does not happen again.
