behnam: thank you. chairwoman stabenow, ranking member boozman and members of the committee, appreciate the opportunity to be here before you today and discuss the digital commodities consumer protection act. last february when i testified before this committee, i noted that the unique characteristics of the growing digital asset industry necessitated a comprehensive regulatory regime. i believe that to be more true today and thank the committee for taking steps to address these needs. i have directed staff at the cftc to analyze what additional needs we would have to support its implementation. digital asset commodity cash markets and retail participation often use high assets of hrefbg randle and use arrangements outside of the traditional regulated banking sector. market participants may perceive themselves to be interacting with exchanges and intermediaries regulated like those in other traditional financial markets, but the reality is quite different. since i last testified over $1 trillion in mark

behnam: pi who does that versus various committeesf jurisdtion. mr. behnam: i would say the bes plus print to look at now,he most recent is dodd-frank and >> title 7 was the derivatives hi and will multiple to the frank bill that affected several financial regulators, which we work currently w. >> not everybody is the fan of the cfpb. not sure. >> i appreciate that but it's been still a blueprint of how congressasses the law and multiple jurisdictions, mutt million agencies and - multiple agencies and work together to implement the l in effecve way with appropriate oversight on continual basis. >> you've not used the user efconcept before a we're familiar with that and the appropriations and we deal with that all the time and -- >> it' structurally difficult to early intervention program polimen and the user feeee structured in a way to work with appropriators to set the level can assess in terms of fees so we won't be able to assess these individually or independently. we have to work in coordination, which i think is consist with most user fees asse

we have roger ferguson, greg fleming, carson block, and r rostin behnam.'ll be sitting down with my panel and joe's panel. paula worked closely with stan because she used to run bowdoin college foundation and obviously she's on the board there she said probably nobody is better at figuring out what's happening in changing market conditions than stan d drucke druckenmiller. >> 30 years, that money found at duquesne that's pretty good that's a lot of pressure with all this money i'm not trying to manage, it's just too difficult at this point. it takes an emotional toll and everything else. he was here last year delivering or the year before no, it was 2014 >> i can't believe it's been that long. >> 2014. so it's a rare and valuable moment, i think, for me and for everybody. >> i think so too. again, changing market conditions is what we have today, which is probably why the timing for this conference is so important this time around >> i mean, in essence, you know one of the thing he was focusing on in 2014 >>. >> what? >> the fed needs to get off zero inter