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CFTC Chairman exchange with Senator Smith over market regulation differences after FTX collapse

At a hearing of the Senate Agriculture Committee weeks after the rapid collapse of the FTX crypto trading platform, Minnesota Senator Tina Smith and Commodity Futures Trading Commission Chairman Rostin Behnam discuss how exchanges and firms that buy and sell stocks and commodities are required to keep their company money separate from their customers money and cannot gamble, he explaining a regulatory gap with the SEC was over security tokens only, not commodity tokens, his assumption based on the authority that the SEC has over securities and over security tokens, then they can impose the same requirements that they impose on traditional securities, then based on that sort of logic, they would have that authority over security tokens.
At a hearing of the Senate Agriculture Committee weeks after the rapid collapse of the FTX crypto trading platform, Minnesota Senator Tina Smith and Commodity Futures Trading Commission Chairman Rostin Behnam discuss how exchanges and firms that buy and sell stocks and commodities are required to keep their company money separate from their customers money and cannot gamble, he explaining a regulatory gap with the SEC was over security tokens only, not commodity tokens, his assumption based on the authority that the SEC has over securities and over security tokens, then they can impose the same requirements that they impose on traditional securities, then based on that sort of logic, they would have that authority over security tokens.
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Restrictions:
May not be used as partisan political campaign material to promote or oppose the candidacy of any person for elective public office, and may not be used to distort the objects and purposes of the hearing, or cast discredit on or dishonor any member of the U.S. House of Representatives or U.S. Senate, or bring the House or Senate or any Member into disrepute.
Credit:
FedNet / Getty Images
Editorial #:
1446234248
Collection:
FedNet
Date created:
December 01, 2022
Upload date:
License type:
Rights-ready
Release info:
Not released.ÌýMore information
Clip length:
00:01:57:14
Location:
Washington, DC, United States
Mastered to:
QuickTime 8-bit H.264 HD 1920x1080 29.97p
Source:
FedNet
Object name:
sag120122p