The Senate confirmed Rostin Behnam as the next chairman of the Commodity Futures Trading Commission amid a flurry of late evening confirmations on December 15.
Behnam has served as the acting chair since the beginning of the Biden administration in January, prior to which he had been a commissioner since 2017. In the role, Behnam will succeed Heath Tarbert, who many viewed as an ally to the crypto industry.
While the authority in spot rather than futures markets is currently limited to enforcement actions against market manipulation and fraud, there has been a growing push to build a regulatory regime for cryptocurrency spot markets at the CFTC.
Meanwhile, Gary Gensler, who chairs the Securities and Exchange Commission, has been laying the political groundwork to treat the major centralized crypto exchanges as securities exchanges, putting them within an existing SEC regime that has been none too kind to the securities token platforms that have tried to register within it.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
In this episode of The Scoop, StarkWare Co-Founders Uri Kolodny and Eli Ben-Sasson walk through StarkWare's recent fundraise and discuss how their firm is bringing affordable blockchain transactions to the masses.