The Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam expressed optimism on October 21 that Congress could pass crypto legislation in the United States following the 2024 U.S. presidential election.
CFTC Chair Rostin Behnam Predicts New Legislation For 2025
“I think as we look into 2025 – a new congress, a new president – that you’re likely going to see some legislation,” Behnam told audiences.
I look forward to speaking at the SIFMA Annual Conference in New York today.
— Rostin Behnam (@CFTCbehnam) October 21, 2024
The CFTC chair allegedly told Law360 that he predicts that formal crypto legislation will not gain traction until 2025.
“I’m not betting on anything happening at the end of the year, but there’s a unique appetite that this election, I think, has changed around digital assets and technology,” Behnam reportedly told the legal media outlet.
Additionally, he said the federal agency is “really handcuffed” when it comes to handling the crypto sector, leading to “vulnerable customers” and a “really vulnerable market.”
Crypto Legislation Makes Headway
Benham’s comments come amid a growing spotlight on effectively policing digital assets, with Republican nominee Donald Trump and Democratic nominee Kamala Harris both attempting to court the blockchain sector in the runup to Election Day.
Meanwhile, U.S. lawmakers have made several attempts to advance a crypto policy framework, albeit to no avail.
In May, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) to provide federal guidelines for the digital asset industry.
“FIT21 is a first step to establish a regulatory framework for digital assets – and it must be improved by working with the Senate and the Administration,” Speaker Nancy Pelosi said in a statement at the time. “While building a foundation for responsible innovation, we must take further action to strengthen guardrails for consumers, investors and taxpayers.”
However, the Biden administration then released a statement announcing its opposition to the bill altogether, claiming it lacks “sufficient protections for consumers and investors who engage in certain digital asset transactions.”
Despite calls from the crypto community pushing for a clear regulatory framework, the Rep. Glenn Thompson-sponsored bill has yet to gain any momentum in the Senate.
However, a crypto-friendly incoming administration could signal renewed hope in advancing fair regulatory efforts. Though, with national polls indicating a virtual tie between Harris and Trump, the 2024 U.S. presidential election remains anyone’s guess.
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