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CFTC Chair Says Decentralized Crypto Exchanges Will Be Regulated Despite "Just Code" Protocols

Commodity Futures Trading Commission Chair Rostin Behnam has stated that decentralized crypto exchanges will be regulated by either the CFTC or the Securities and Exchange Commission, even if they are based on self-effectuating protocols.

Behnam clarified that the regulation would depend on what US customers are being offered and exposed to, and who set up the entity or code to offer those products.

He also mentioned that crypto markets where tokens exist purely as a cash substitute and not as any other kind of asset will be lightly regulated by the CFTC. Behnam also discussed the CFTC's lawsuit against Binance, stating that the agency will continue to bring bad actors to account.

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