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Commodity Futures Trading Commission Chairman Rostin Behnam tells the Senate Agriculture Committee in prepared testimony that the latest events involving FTX lay bare the consequences and demand accountability, he strongly believes in the need to move quickly on a thoughtful regulatory approach to establish guardrails and these fast growing markets of evolving risk, where they will remain an unsafe venture for customers and could present a growing risk to the broader financial system because failure to act will leave consumers who have made investments in digital commodities largely unprotected and the CFTC lacks necessary and direct authority to write rules and to oversee the crypto marketplace only reached instead through more limited authority activated when fraud or manipulation already occurred.