Rostin Behnam said clear rules could help the crypto markets to grow — boosting institutional inflows.
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Bitcoin could double in price if it was regulated by the Commodity Futures Trading Commission, according to its chairman.
Rostin Behnam said clear rules could help the crypto markets to grow — boosting institutional inflows.
Speaking at NYU School of Law, he said many deep-pocketed institutions would only be able to invest with greater amounts of regulatory clarity.
"Non-bank institutions thrive on regulation, they thrive on regulatory certainty, they thrive on a level playing field. And they may say otherwise, they might bicker about the type of regulation — but what they love most is regulation because they are the smartest, the fastest and the most well-resourced. With those attributes, they can beat everyone else in the market."
Many crypto entrepreneurs in the space agree that regulation is needed — and they've been pleading with U.S. agencies for greater clarity.
But there's been something of a battle when it comes to which agency should be responsible for overseeing crypto, with the CFTC and the SEC two possible contenders.
Behnam went on to warn that the CFTC currently lacks the budget to perform wider regulation, meaning that the cases it has brought so far were reliant on whistleblowers.
