US CFTC Chairman Proposes to Review the Digital Goods Consumer Protection Act to Ensure No Loopholes

During the hearing of the US Senate Agriculture Committee on the FTX mine explosion, Rostin Behnam, chairman of the US Commodity Futures Trading Commission (CFTC), stated that the CFTC cannot prevent such mine explosions because FTX is not within the scope of the CFTC-regulated entity. Rostin Behnam asked lawmakers to grant broader powers to directly oversee transactions in the spot cash market, saying, “We need to register exchanges, we need to have oversight of market activity, we need to have a direct relationship with custodians who hold client funds. Rostin Behnam also stated that "if the Digital Commodity Consumer Protection Act (DCCPA), a bill sponsored by committee chairmen Debbie Stabenow (D-Michigan) and John Boozman (R-Arkansas), becomes law, similar customer and company funds Mixed things will no longer happen, and given what has happened over the past few weeks, I think we revisit the bill to make sure there are no loopholes and to address possible misconduct by other companies."