Commodity Futures Trading Commission Chairman Rostin Behnam urged senators to strengthen conflict of interest and financial disclosure provisions for cryptocurrency entities in a key piece of legislation in light of the collapse of the FTX exchange.
The circumstances around the FTX implosion merit a closer look at a bill introduced by Senate Agriculture Chairwoman Debbie Stabenow, D-Michigan, and co-sponsored by ranking member John Boozman, R-Arkansas, Behnam said at a committee hearing Thursday. He added that Congress would have to balance getting legislation right and moving quickly to prevent future harm.
“It’s important that we tighten the conflicts of interest provisions because of the egregious nature of what we learned with FTX,” Behnam said. “Disclosures to customers about financial resources also will be an important issue to address.”
