CFTC head makes push to be primary crypto regulator

The acting head of the Commodity Futures Trading Commission urged Congress to consider granting his agency the authority to be the primary federal regulator for digital assets. 

Testimony: At a Senate Agriculture Committee hearing on his nomination to chair the CFTC, Acting Chairman Rostin Behnam said his agency has jurisdiction over most cryptocurrency activity and has pursued enforcement cases in the digital asset marketplace for years. 

Oversight: The federal government is debating how the crypto sector will be regulated. While Securities and Exchange Commission Chair Gary Gensler has called for expanded regulatory authority, the CFTC this month fined Tether—the largest stablecoin issuer—$41 million for misleading claims about its U.S. dollar token.