CFTC seeks to expand oversight on growing crypto industry - Bloomberg

Given that global cryptocurrency adoption and usage continues to accelerate, Congress may have to step in to ensure the Commodity Futures Trading Commission ("CFTC") has the tools it needs to intervene, said CFTC Commissioner Rostin Behnam, Bloomberg reports. Bloomberg notes the CFTC has scrutinized the crypto industry since the green-lighting Bitcoin (BTC-USD) futures in 2017, though its powers are mostly limited to overlook derivatives. "We've been one of the few cops on the beat because of limited statutory authority related to anti-fraud and anti-manipulation," Behnam said during his confirmation hearing before the Senate of Agriculture. He said the CFTC and the Securities Exchange Commission would work together to regulate the market, but the Senate Agriculture Committee should consider expanding the agency's jurisdiction because of the industry's size, appeal to retail investors and threats it potentially poses to financial stability, Bloomberg notes. In October, Fitch Ratings warned that stablecoin growth and