The Commodity Future Trading Commission is "well positioned" to address regulatory gaps in the crypto market, according to CFTC Chair Rostin Behnam. 

In prepared remarks for a February 3 American Bar Association event, Behnam said his stance toward cryptocurrencies has not changed. He said he believes there remains a regulatory gap but the "CFTC is well positioned to fill this" gap if Congress gives the agency the necessary authority. 

The CFTC Chair mentioned that the crypto market "was shaken to its core" last year following a string of failures, bankruptcies, and collapses that saw around $2 trillion worth of value wiped out of the market. He said this is a clear indication that the market needs comprehensive legislation.

"Regulation is necessary to protect customers and to prevent failures which cannot predictably be contained within any boundaries across the domestic and global financial markets. Regardless of whether one or many occur in 2023 or 2033, we must act."