CFTC chairperson warns of'void 'in cryptocurrency and political betting regulation

According to the Financial Times, the US Commodity Futures Trading Commission (CFTC) has issued a warning of a regulatory "void" for cryptocurrencies and called for greater scrutiny of the political betting market. Rostin Behnam, chairperson of the CFTC, said he will step down on January 20, the day of Trump's inauguration. Behnam said he was concerned that regulation of digital assets, including bitcoin and other cryptocurrencies, remains inadequate: "There is still a significant portion of the digital asset space in the US regulatory system that is unregulated, and given that some traditional Financial Institution Groups have adopted these products and there is huge demand for these products from retail and institutional investors, we must fill this void." Behnam believes that many digital tokens are commodities, and it is the agency's "vocation" to regulate the cryptocurrency market. He is also concerned about the legitimacy and social implications of betting on political and other events, as this new market thrives during the general election. He is "very concerned" about contracts related to elections, assassinations, terrorism and gambling. As technology and high demand drive growth in these markets, "the lines between legal and illegal will become very blurred".