When retail investor interest and the value of the crypto market go up, so do enforcement actions, said U.S. Commodity Futures Trading Commission Chair Rostin Behnam on Monday.

Behnam said he expects the next "cycle of enforcement actions" within the next six months to two years.

"From my standpoint as a regulator, we're going to probably see in the next six to 18 months or six to 24 months, another cycle of enforcement actions because of this cycle of asset appreciation and interest by retail investors," Behnam said during a chat at the Milken Institute's 27th annual Global Conference. "Without a regulatory framework, without that transparency, without those tools that we typically use as regulators, you're going to continue to see this fraud and manipulation."

Behnam's comments come …