Rostin Benham, chairman of the U.S. Futures Trading Commission (CFTC), announced the establishment of the Office of Technology Innovation to regulate the crypto industry.

During the Brookings Institution panel discussion on the future of crypto regulation, Benham said:

“We have passed the incubation phase. Digital assets and decentralized technologies have transcended their virtual space.”

The new department will replace the agency’s existing fintech department, called LabCFTC. In addition to the renaming, the CFTC will expand the division’s staff. Employees will have the opportunity to do internships to gain experience in digital currencies.

In June, Senators Cynthia Lummis and Kirsten Gillibrand introduced a bipartisan bill to regulate the crypto industry. According to the norms of the document, called the “Responsible Financial Innovation Act”, most cryptocurrencies fall under the jurisdiction of the CFTC as digital commodity tokens.

Benham said he was “encouraged” by legislative efforts to create a more coherent regulatory approach. This, he added, will add efficiency to efforts to counter the abuses that have had negative consequences for investors.

“The lack of comprehensive regulation applicable to businesses operating in the digital asset market has led to inconsistent practices on issues such as deal completion, conflicts of interest, reporting and cybersecurity,” the official said.

Recall that Benham, who was nominated for the post of chairman of the CFTC in October 2021, proposed at a congressional hearing to make the agency the main regulator of the cryptocurrency market. He was appointed to the post in December.

In June, Gary Gensler, chairman of the Securities and Exchange Commission, announced his intention to enter into agreements with the CFTC and other federal agencies to increase oversight of the industry.

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