FTC chief: Bitcoin price could double if market is regulated by CFTC

Commodity Futures Trading Commission (CFTC) Chairman Rostin Benham said that if authorities give the CFTC regulatory authority, it would have significant benefits for the crypto industry.“Growth is possible if we have a well-regulated space. Bitcoin could double in value if the market was regulated by the CFTC,” he said.According to Benham, a clear regulatory framework could pave the way for institutional investors to enter the market.“Existing institutions in the crypto space see tremendous opportunities for institutional inflows, which will only emerge if a regulatory structure is created around these markets. Non-banking (crypto) institutions will thrive with regulatory certainty; they will thrive on a level playing field. They can argue about the type of regulation, but they need regulatory clarity,” Benham added.He also voiced his support for the Digital Consumer Protection Bill because it would give the CFTC regulatory authority and necessary funding.“We don’t have traditional surveillance tools, market surveillance tools, to oversee trading platforms, broker-dealers or similar intermediaries. This is lacking not because of a lack of effort, but because of a lack of jurisdiction,” he concluded.