Rostin Behnam, chairperson of the US Commodity Futures Trading Commission (CFTC), told SIFMA's annual meeting that Congress is not expected to act on cryptocurrency legislation in 2024. He called on Congress to focus on crypto asset regulation and election betting, stressing the importance of these areas. Mr. Behnam noted that while the FIT21 bill had passed the House of Representatives, it had failed to make further progress in Congress. In addition, the CFTC's legal dispute with Kalshi, a prediction market, has continued, and Kalshi has begun to offer betting services on US presidential elections. The CFTC is working to overturn the court ruling and seeks to regain its regulatory authority over the sector.