The Wall Street Journal reported: According to Rostin Behnam, the head of the Commodity Futures Trading Commission (CFTC), there are more fraud and manipulation involving cryptocurrencies. This means regulators that need more assistance. “The loss of several millions of dollars in digital assets as a result of phishing attacks, protocol exploits, and other misleading and fraudulent schemes has become the norm.” Behnam made this statement said in a video interview at the Chainalysis Links conference on Wednesday, May 18. “Recent global conflicts have demonstrated how people who threaten the American economy and the public, in general, can use digital assets,” Behnam stated. Following Terra’s dip, which sent shockwaves through the cryptocurrency market, the CFTC Chairman spoke out. According to CoinMarketCap data, the market value of all cryptocurrencies has dropped by approximately 350 billion dollars in the last few days. Terra’s LUNA and the algorithmic stablecoin UST were not left out, in addition to Bitcoin, Ethereum, and a few other cryptocurrencies. According to Behnam, since 2015, the CFTC has taken different steps to stop illegal activity. In the previous fiscal year, 23 of these procedures were made public. According to him, accusations of fraud were made in nearly half of all crypto-related cases. “I also urge everyone here today to continue supporting regulations that will make these markets more open, safe, and stab...
